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What ever happens in Las Vegas . . . will have to happen without Wells Fargo (NYSE: WFC). The lavish, fun-filled, all-expenses-paid extravaganza funded by the taxpayer, was initially defended, then cancelled.
"In light of the current environment, we have now decided to cancel this event as well," the company said Tuesday night in a news release that also said it had never planned to use taxpayer bailout money for the trip.
As a shareholder, I would be upset even if no tax / bailout money was involved. Wells Fargo had a $2.83 billion loss in the fourth quarter as it took significant charges to reduce its exposure to the risky assets.
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