Bail Out Package

[jerryzflies 0]

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Wells Fargo never needed the bailout money. They've never been in trouble and aren't using the bailout for vacations.

So why did they take $25 BILLION from the taxpayers? Greed?

If you can't fix it with a hammer, the problem's electrical.

[FallingOsh 0]

Edited because I think this is a better answer.

I've read several articles saying they were forced. The majority of the money they accepted is helping absorb the costs of the Wachovia takeover, which Wells agreed to in order take them off the government's back.

They're also issuing their first dividends back to the government. (It makes me want to puke thinking about a civilian company paying dividends to the fed.) If they didn't want the money in the first place, are absorbing a failed bank, and paying the money back... I have no problem with them heading to Vegas. Wells is one of the few banks doing ok, despite recording hefty losses in Q4.

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Stay positive and love your life.

[masterrig 1]

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Keep the letters and emails going everyone. Those in office are learn that we know and understand the sow this bill is, and they are getting nervous.

Way to go!!!!

http://www.foxnews.com/politics/first100days/2009/02/02/key-democrat-says-lawmakers-strip-tens-billions-stimulus/

NOW, Wells Fargo Bank is taking all their top execs to Vegas for a 'high on the hog' good time and you guessed it... with bail-out money. I'm sorry but, these people need to be held accountable or in jail. Bush's last minute 'mission accomplished'!


Chuck

Yep, this one screwed the pooch for sure

You got that right!

Chuck

[masterrig 1]

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Wells Fargo never needed the bailout money. They've never been in trouble and aren't using the bailout for vacations.

Edited: I agree with the rest of your post. Any company fighting off bankruptcy with government funds while wasting millions on retreats should be strung up. The lack of oversight in the last stumulus is disgusting but predictable.

I guess, I should've listed my source. That was from an AP story stating that Wells Fargo Bank was taking their top execs on a big Vegas Junket using bail-out money they recieved. Maybe, wells Fargo didn't 'need' the money but, it appears that they took it just the same. Those SOB's are just making fools of us and our government. I think, our government should stop any more hand-outs to these 'scam artists' and re-group before handing-out any more money to them. Like looking into criminal charges on those responsible for this mess.


Chuck

[FallingOsh 0]

Read my next post. They were "forced" and are already making payments back. There are plenty of rediculous criminals out there flushing the TARP fund down the drain. Wells isn't one of them.


Maybe instead of getting pissed about how people spend handouts, we should stop handing it out. If you think people will always act responsibly when given a wad of cash, you're kidding yourself. The concept of resposibly spending free money is idealistic. It seems people are finally starting to realize that. According to Gallup, there's less support for the package every week.

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Stay positive and love your life.

[rushmc 23]

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Wells Fargo never needed the bailout money. They've never been in trouble and aren't using the bailout for vacations.

So why did they take $25 BILLION from the taxpayers? Greed?

Because they could

"America will never be destroyed from the outside,
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln

[masterrig 1]

I didn't see your last post till I posted my last post.
I believe, I said something in regard to stopping this bail-out bull-shit till further looking into the situation. Also, I'm not idealistic enough to think anyone would spend a big wad of cash 'sensibly'. Especially the amounts of money involved.
Wells Fargo was 'forced' to take bail-out money? What was the penalty for refusing it? I guess, the government didn't have to twist their collective arm too bad. I'm sure, Wells Fargo is a highly reputable company but, that kind of money is awful tempting.


Chuck

[FallingOsh 0]

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I didn't see your last post till I posted my last post.
I believe, I said something in regard to stopping this bail-out bull-shit till further looking into the situation. Also, I'm not idealistic enough to think anyone would spend a big wad of cash 'sensibly'. Especially the amounts of money involved.
Wells Fargo was 'forced' to take bail-out money? What was the penalty for refusing it? I guess, the government didn't have to twist their collective arm too bad. I'm sure, Wells Fargo is a highly reputable company but, that kind of money is awful tempting.


Chuck

"Forced" (intentionally in quotations) as in they were told that if the TARP was refused then no additional help would be available to them in the future. I just read that in the article. I don't know about any further coersion.

I agree that kind of money is awefully tempting, especially when they just took over Wachovia.

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Stay positive and love your life.

[masterrig 1]

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I didn't see your last post till I posted my last post.
I believe, I said something in regard to stopping this bail-out bull-shit till further looking into the situation. Also, I'm not idealistic enough to think anyone would spend a big wad of cash 'sensibly'. Especially the amounts of money involved.
Wells Fargo was 'forced' to take bail-out money? What was the penalty for refusing it? I guess, the government didn't have to twist their collective arm too bad. I'm sure, Wells Fargo is a highly reputable company but, that kind of money is awful tempting.


Chuck

"Forced" (intentionally in quotations) as in they were told that if the TARP was refused then no additional help would be available to them in the future. I just read that in the article. I don't know about any further coersion.

I agree that kind of money is awefully tempting, especially when they just took over Wachovia.

They must've felt they were 'solvent' enough to handle the buying of Wachovia. If, they couldn't, then they shouldn't have. Sounds to me, as 'nice' as Wells Fargo is, they have their hand out just like the rest of them. Bottom line is, Wells Fargo intended to use 'bail-out' money to reward their execs. I don't care how you slice it, it's wrong and the government is wrong for coercing them into taking it. If, they don't need the money, they shouldn't get any...period.


Chuck

[FallingOsh 0]

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They must've felt they were 'solvent' enough to handle the buying of Wachovia. If, they couldn't, then they should've.

Agreed.

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Sounds to me, as 'nice' as Wells Fargo is, they have their hand out just like the rest of them. Bottom line is, Wells Fargo indended to use 'bail-out' money to reward their execs.

Nice has nothing to do with it. The bailout money was not used to reward execs. That trip is taken every year. It's not a pat on the back. The money was used to help with the Wachovia takeover that got Wachovia off the government's back. Further, as previously stated, dividends are being paid. Wells didn't take the money and flush it down the toilet like so many other banks.

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I don't care how you slice it, it's wrong and the government is wrong for coercing them into taking it. If, they don't need the money, they shouldn't get any...period.

Completely agree.

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Stay positive and love your life.

[masterrig 1]

Fair enough.


Chuck

[Amazon 7]

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Wells Fargo never needed the bailout money. They've never been in trouble and aren't using the bailout for vacations.

Edited: I agree with the rest of your post. Any company fighting off bankruptcy with government funds while wasting millions on retreats should be strung up. The lack of oversight in the last stumulus is disgusting but predictable.

I guess, I should've listed my source. That was from an AP story stating that Wells Fargo Bank was taking their top execs on a big Vegas Junket using bail-out money they recieved. Maybe, wells Fargo didn't 'need' the money but, it appears that they took it just the same. Those SOB's are just making fools of us and our government. I think, our government should stop any more hand-outs to these 'scam artists' and re-group before handing-out any more money to them. Like looking into criminal charges on those responsible for this mess.


Chuck

I like that idea... a LOT. and not those freaking rich boy country clubs they end up in... toss a few of in the bowl and flush them.. OTHERS in those lofty towers would not dare after that.

[masterrig 1]

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They must've felt they were 'solvent' enough to handle the buying of Wachovia. If, they couldn't, then they should've.

Agreed.

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Sounds to me, as 'nice' as Wells Fargo is, they have their hand out just like the rest of them. Bottom line is, Wells Fargo indended to use 'bail-out' money to reward their execs.

Nice has nothing to do with it. The bailout money was not used to reward execs. That trip is taken every year. It's not a pat on the back. The money was used to help with the Wachovia takeover that got Wachovia off the government's back. Further, as previously stated, dividends are being paid. Wells didn't take the money and flush it down the toilet like so many other banks.

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I don't care how you slice it, it's wrong and the government is wrong for coercing them into taking it. If, they don't need the money, they shouldn't get any...period.

Completely agree.

I just saw an up-date to the Wells Fargo 'junket' story. It appears that, Wells Fargo has cancelled their Vegas 'fling'.


Chuck

[Amazon 7]

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I just saw an up-date to the Wells Fargo 'junket' story. It appears that, Wells Fargo has cancelled their Vegas 'fling'.

Thats what happens when you shine a light on roaches... they go scurrying for cover.

[masterrig 1]

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I just saw an up-date to the Wells Fargo 'junket' story. It appears that, Wells Fargo has cancelled their Vegas 'fling'.

Thats what happens when you shine a light on roaches... they go scurrying for cover.

Yup!


Chuck

[jerryzflies 0]

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Read my next post. They were "forced" and are already making payments back. There are plenty of rediculous criminals out there flushing the TARP fund down the drain. Wells isn't one of them.


Maybe instead of getting pissed about how people spend handouts, we should stop handing it out. If you think people will always act responsibly when given a wad of cash, you're kidding yourself. The concept of resposibly spending free money is idealistic. It seems people are finally starting to realize that. According to Gallup, there's less support for the package every week.

I'd rather give a taxpayer handout to a homeless person than to any bank exec right now.

If you can't fix it with a hammer, the problem's electrical.

[FallingOsh 0]

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Read my next post. They were "forced" and are already making payments back. There are plenty of rediculous criminals out there flushing the TARP fund down the drain. Wells isn't one of them.


Maybe instead of getting pissed about how people spend handouts, we should stop handing it out. If you think people will always act responsibly when given a wad of cash, you're kidding yourself. The concept of resposibly spending free money is idealistic. It seems people are finally starting to realize that. According to Gallup, there's less support for the package every week.

I'd rather give a taxpayer handout to a homeless person than to any bank exec right now.

True.

I'd rather not give any handouts, but I agree with you.

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Stay positive and love your life.

[FallingOsh 0]

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They must've felt they were 'solvent' enough to handle the buying of Wachovia. If, they couldn't, then they should've.

Agreed.

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Sounds to me, as 'nice' as Wells Fargo is, they have their hand out just like the rest of them. Bottom line is, Wells Fargo indended to use 'bail-out' money to reward their execs.

Nice has nothing to do with it. The bailout money was not used to reward execs. That trip is taken every year. It's not a pat on the back. The money was used to help with the Wachovia takeover that got Wachovia off the government's back. Further, as previously stated, dividends are being paid. Wells didn't take the money and flush it down the toilet like so many other banks.

Quote

I don't care how you slice it, it's wrong and the government is wrong for coercing them into taking it. If, they don't need the money, they shouldn't get any...period.

Completely agree.

I just saw an up-date to the Wells Fargo 'junket' story. It appears that, Wells Fargo has cancelled their Vegas 'fling'.


Chuck

That doesn't surprise me one bit. It'll keep them out of any further negative media attention.

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Stay positive and love your life.

[FallingOsh 0]

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I just saw an up-date to the Wells Fargo 'junket' story. It appears that, Wells Fargo has cancelled their Vegas 'fling'.

Thats what happens when you shine a light on roaches... they go scurrying for cover.

The trip is an anual award for it's top bankers, not a retreat for execs like AIG pulled. Employees (not bosses) earned that trip by making sales.

Wells Fargo suggested that canceling the event would cost about as much as holding it.

"Late last year, we canceled recognition events for 2009 except those where the financial commitment was so great that no meaningful savings would occur by canceling these events," the company said in a statement.

So they cancelled all other recognition events on their own. Cancelling this one is going to cost just as much a going. So... employees aren't rewarded and they pay the same amount anyway.

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Stay positive and love your life.

[rehmwa 2]

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I'd rather give a taxpayer handout to a homeless person than to any bank exec right now.

True.

I'd rather not give any handouts, but I agree with you.

It shouldn't be an 'either/or' there should be NO handouts of the kind

...
Driving is a one dimensional activity - a monkey can do it - being proud of your driving abilities is like being proud of being able to put on pants

[masterrig 1]

The part of these 'hand-outs' to banks that gets me is it's like 'no questions asked'. Doesn't common sense call for some sort of accountability? The way I see it, the banks and loan companies conned people into believing they could actually buy a home, well out of their means. It was nothing more than a con job by loan sharks. With no accountability involved, we are left to bitch about how these crooks spend that money. For some reason, I just can't seem to get a grip on this thinking. Bush's last move as president really put the screws to us!


Chuck

[FallingOsh 0]

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The part of these 'hand-outs' to banks that gets me is it's like 'no questions asked'. Doesn't common sense call for some sort of accountability?

There's no way to handout billions of dollars to private companies and keep track of every dollar. It's the same thing that happens with welfare. It'll be the same thing if healthcare is taken over. There will always be people who take advantage of the system. It's idealistic to think otherwise. Detailed accountability is impossible; one of the many reasons I don't believe in handouts. Maybe people will start to realize that.

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The way I see it, the banks and loan companies conned people into believing they could actually buy a home, well out of their means. It was nothing more than a con job by loan sharks.

True, but they're not the only ones to blame. The mindset that everyone deserves whatever they want is wrong. The government put pressure on banks to lend so everyone could have a home. Of course the banks didn't have to do it, but they weren't alone in the decision. There will always be someone who can't afford what others have. Extending government programs or approving loans in order to bring people up, just drags the rest of us down.

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With no accountability involved, we are left to bitch about how these crooks spend that money. For some reason, I just can't seem to get a grip on this thinking. Bush's last move as president really put the screws to us!

Yep, that was a huge fuck up by Bush. Now, as we obviously haven't learned our lesson, The new administration will do the same thing. After that monumental waste of money is passed, the finger pointing at Bush alone won't cut it.


Chuck

[masterrig 1]

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The part of these 'hand-outs' to banks that gets me is it's like 'no questions asked'. Doesn't common sense call for some sort of accountability?

There's no way to handout billions of dollars to private companies and keep track of every dollar. It's the same thing that happens with welfare. It'll be the same thing if healthcare is taken over. There will always be people who take advantage of the system. It's idealistic to think otherwise. Detailed accountability is impossible; one of the many reasons I don't believe in handouts. Maybe people will start to realize that.

Quote

The way I see it, the banks and loan companies conned people into believing they could actually buy a home, well out of their means. It was nothing more than a con job by loan sharks.

True, but they're not the only ones to blame. The mindset that everyone deserves whatever they want is wrong. The government put pressure on banks to lend so everyone could have a home. Of course the banks didn't have to do it, but they weren't alone in the decision. There will always be someone who can't afford what others have. Extending government programs or approving loans in order to bring people up, just drags the rest of us down.

Quote

With no accountability involved, we are left to bitch about how these crooks spend that money. For some reason, I just can't seem to get a grip on this thinking. Bush's last move as president really put the screws to us!

Yep, that was a huge fuck up by Bush. Now, as we obviously haven't learned our lesson, The new administration will do the same thing. After that monumental waste of money is passed, the finger pointing at Bush alone won't cut it.


Chuck

[Amazon 7]

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Also, what about those people who lost all their retirement because of those crooks? They now have nothing!

Gee and I wonder how many people NOW are really glad that they did not let Bush and his band of merry thieves get loose on all the retirement money that was their big alternative to Social Security. I knew then.... that would be a GOAT FUCK STUPID disaster.... If they had been given their way... the retirerment funds of most Americans would be in the toilet now as well.

[masterrig 1]

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Also, what about those people who lost all their retirement because of those crooks? They now have nothing!

Gee and I wonder how many people NOW are really glad that they did not let Bush and his band of merry thieves get loose on all the retirement money that was their big alternative to Social Security. I knew then.... that would be a GOAT FUCK STUPID disaster.... If they had been given their way... the retirerment funds of most Americans would be in the toilet now as well.

No telling! They've screwed with Social Security so badly over the years. Now, they are trying to throw us a line of crap to try to cover their tracks. The self-serving SOBs just think we're a bunch of mushrooms.


Chuck