Wells Fargo: Pay no attention to the man behind the curtain!
Filed under: Ripoffs and Scams
Remember The Wizard of Oz? Dorothy sees a man working the controls for "The Wizard," and The Wizard promptly says, "Pay no attention to the man behind the curtain!" And that's exactly what Wells Fargo bank wants consumers to do.Last week it was revealed in the press that Wells Fargo had a lavish Las Vegas vacation planned for some of its "top producers." In light of the fact that Wells Fargo has taken welfare money via the taxpayer-funded bank bailout, it was a bit of a slap in the face to consumers.
But Wells Fargo has gone on the offensive with a full-page advertisement in yesterday's New York Times. So now not only does that welfare recipient want to waste money on vacations, the company wastes even more money justifying the vacations in the media!
The theory being promoted by Wells Fargo is that events planned to "recognize" employees for their contributions aren't necessarily wasteful or unnecessary. Canceling these events hurts morale and employees deserve to be compensated.
My theory is this: If you need welfare money, you should cut out the "extras." That goes for consumers and businesses alike. If you've got money to spend on vacations, you certainly don't need welfare money. So quit using taxpayer money for optional employee benefits, and definitely quit wasting taxpayer money on advertisements justifying your waste of taxpayer money.
Forensic accountant Tracy Coenen investigates corporate fraud and consumer scams, and is the author of Expert Fraud Investigation.
Reader Comments (Page 1 of 1)
2-09-2009 @ 6:09PM
Jim said...
When I last entered a Wells-Fargo bank in January of this year, asking them to notarize my signature on a type of account that made *all* services free (five-figure balance), I was told, "We don't do that anymore." Being a reactionary, I promptly withdraw all five figures and moved same to Frost Bank. (As a side note, Frost posted a better-than-expected quarterly earnings in late '08, while Wells-Fargo is hitting the skids.) Cutting services to a person with a five figure balance and an account dating to predecessor banks as long ago as 1960 is just poor business in this day and age. If I were you, I would move my money OUT of what appears to be an extremely depressed bank: even if you can get your money from FDIC, bureaucracy will hold it up and you will starve.
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2-09-2009 @ 6:52PM
Dan said...
If they do that good a job give them a gift certificate to Olive Garden, NO need to to send them on a vacation to Vegas. Get a life welcome to the real world. !!!! Help the people that helped you. Hope you go under like all the rest .I'll be damned if you'll ever get a cent of my money.
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2-11-2009 @ 11:58PM
David said...
Check your facts. Wells Fargo didn't "need welfare money", they are already returning the money they were forced to take from the government, and they have planned trips for years that actually are rewards for top producing employees, not just the highest paid employees. If you look through their past financial statements, you'll see that this hasn't been out of line. Why don't you report on something that could actually be helpful to readers, like what's going on with the bailout bill $800+ billion getting thrown around Congress right now instead of spreading rumors about what now amounts to chump change?
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2-21-2009 @ 12:12PM
Vagabond said...
*laughs* I once read a study that concluded that pointless studies were a waste of tax-payer money. This is capitalism *nods* where everyone is a cog and money is but the grease that makes them move, what do you honestly expect?
Though I'd like to see some reports on just how bad Wells Fargo is doing, if they are in fact performing poorly.
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