They must think we are stupid. And, you know something, they just might be right!
I’m talking about the banks and Wall Street financial institutions (if any are still left?) that are robbing us blind while doing precious little thus far to stabilize the real estate industry where the germ of global financial ruin first incubated and then spread.
Take Wells Fargo! Please! (Sorry, old joke). But seriously, listen to this: The Associated Press reveals earlier today that Wells Fargo, despite having taken some $25 billion in taxpayer bailout money, was planning on having a 12 day junket for many of its mortgage division executives at two major, new gambling casinos in Las Vegas!!
Now, you’d think someone along the way on the inside might have gotten the notion that maybe the selection of Vegas–not to mention the junket itself–was not such a hot idea –especially when there are people out there who can’t convince Wells Fargo to help them refinance their mortgages.
But the banks just think of all of us as a collective, giant ATM machine from which they can withdraw unlimited sums of cash. And, so far, that seems to be pretty much what they are doing. They are pumping relatively little of the taxpayer money they have been given back into the economy–especially for mortgages–and keeping as much of it as they can for things like…..well, like junkets to Vegas!
I spent hours today trying to get a spokesperson from Wells Fargo to talk to me about all this…finally, they just issued a news release trying to justify the junket as something needed to reward their best employees? BEST EMPLOYEES????? Can someone out there find one of these seldom seen creatures and haul them in!
As the day wore on and the media and political firestorm festered and grew, Wells Fargo first said the junket had been called off…then said it was being reconsidered…and finally said, it had been called off and there will be no more of these meetings (which the bank refuses to call junkets, but which clearly are!)
While this one was nipped in the bud, I can assure you more such schemes using our money are already being hatched if not already in full operation.
Like I said, they think we are all dumb. So, I ask you….are we???
Photo Credit: Justin Baeder
Related posts:
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- Investing in Main Street Versus Investing in Wall Street
- Louis Rukeyser, host of Wall Street Week, Dies
- Wells Fargo, Wachovia Set to Merge?
- Lenders Taking Steps to Improve Image Problems
Article Author: Charles FeldmanCharles has written 179 articles for us.
Visit Charles's Website: http://www.thefeldmanblog.com
Charles is currently reporting for KNX Radio in Los Angeles, is the co-author of the book No Time To Think, and can be found commenting about the news on his blog, The Feldman Blog, as well as on The Huffington Post.
Joshua Dorkin
{ 5 comments… read them below or add one }
Banks really don’t help themselves with statements like this do they?! Damn annoying.
Crazy how these banks think that this is the right thing to do. The crisis has cost us enough as it is. On my website I’ve calculated how much this debacle has cost overall. It is annoying!
Legalized robbery is what it is.
Shame on these bank chiefs.
Banks are really like this they think that the people wouldn’t mind analyzing what are they doing. With this economic crisis, people become a keen observer of what is really going on in his environment. Nice article.