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 Is this the time to throw a party?
Posted Tue February 3, 2009 8:44 pm, by Don M. written to Wells Fargo
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Dear Executive. As an investor in what has been described as "One of our healthiest financial institutions" (Jim Cramer), I was furious to see that Wells Fargo is going forward with plans for a 12 night junket at two of the priciest hotels in Las Vegas.
If you wake up, you will realize this is the wrong thing to do, at the wrong time. Your response to questions about this plan has been described by politicians as "tone deaf" and I agree completely. To defend it as "a reward for top employees" and "a networking opportunity for employees of the newly joined Wachovia and Wells employees" is nonsense. Nobody deserves a reward if the company has to borrow 25 billion dollars.
The days of hiring Cher, Huey Lewis, Jimmy Buffet and Jay Leno for private performances are over - can't you see that? The 25 billion you were given should reflect that you were in a desperate situaition, as is many of our companies and citizens. How can you possibly turn around and think of using your precious resources for a lavish 13 day party?
Why not have a networking get together at your headquarters or another property that you own? Or here's an idea - video conferencing? Provide some good food, and maybe hire a local band for entertainment. For Heaven's sake, do the fiscally responsible thing and show you can tighten your belts and control spending like everyone else. If your employees are worth employing, they will understand that this is a sign of the times. Maybe in a year or two the climate will justify spreading some profit around, but right now what excess fat is there on this pig?
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This party was supposed to be for the top 1,000 employees of Wells
Fargo. Um, didn't those top 1,000 employees essentially FAIL at their
jobs? Yeah, I thought so. Fire not only the CEOs, but those top
1,000 people and let 'em rot.
So sick of every penny of this bailout, I can't stand it.
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Well, the good news is that WF canned their trip. The bad news is
that they clearly missed the point, claiming that the money for the
trip didn't come from the bailout funds. Like that made a
difference.
On another note, it's never wrong to hire Jimmy Buffett.
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by Donno Posted Tue February 3, 2009 @ 10:43 PM
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