Wednesday, February 4, 2009

Wells On The Hook for Vegas Boondoggle Cancellation Fee

Just goes to show you never can win. Wells Fargo decided to cancel its Wynn Las Vegas boondoggle after someone leaked the dirty secret to the press, and now is stuck with the bill regardless. MSNBC reports the bailoutee will likely lose "a big deposit or pay a cancellation penalty." Steve Wynn's Wynn Casino and new Encore, which were scheduled to host retreat, would not comment on the arrangement it had with Wells. But here is a glimpse of what recent comparable Wells LV trips consisted of:

[Prior trips] have included helicopter rides, wine tastings, horseback riding in
Puerto Rico and a private Jimmy Buffett concert in the Bahamas for more than
1,000 of the company’s top employees and guests. Cher, Jay Leno and Huey Lewis
also have performed.

So while the taxpayers are still on the hook for a portion of the costs, at least Wells' employees won't get to enjoy the $10 water bottles at Spearmint Rhino (which we know is exactly what all this is about).

To close, we'd like to quote Barnkey Frank, who definitely would not enjoy a romp thru the Rhino: “People really hate you,” he said, imploring banks to do everything possible to avoid offending people. “And they’re starting to hate us just for hanging out with you.”

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