So Wells Fargo cancelled their Sales conference trip to the Wynn in Las Vegas under media scrutiny. I for one am concerned that they did that and that they were not more vocal in defending the trip. I believe they should have kept it in place.
I hear many of you saying absolutely not, they shouldn't be allowed to use bailout money for such things.
I disagree. This wasn't some getaway for top executives, this was a sales conference for their top 100 or so Mortgage Consultants who have generated millions of dollars of income for the company in the past year. This is the way the company rewards their top people for doing a great job. I personally know two people who would have been going on that trip, they are very hard working individuals who regularly put in 12 hour days to make loans for people. They have family's and mortgages to pay just like you and me, they live in modest middle class homes, these are not top executives making millions.
Once you start taking away the incentives in any business to make more money and to sell more products then you take away the motivation you have to reward your best people this is one way of doing that. As realtors we understand that. Wells Fargo actually didn't need the 25 billion that the government insisted on lending to them, and that is another point all this bailout money are loans which these companies have to pay back. How would you like it if you borrowed money from th equity in your home and decided to spend the money on a family vacation then the bank decided not to lend you the money because the heard you were going to Hawaii for a week with the money.
Since the buzz word these days is Stimulate the economy, that is exactly what this trip would have been doing. Now all those people won't be spending thier money in Las Vages not only at the Wynn but at other places around LV. All the hotel workers, waiters, taxi cabs e.t.c have just lost another source of income all be it for a few days, not to mention cancelled airline tickets. Keep doing this for many companies in America and our economy will grind to a halt.
The politicians in Washington should be encouraging companies to spend money instead of being outraged, quite frankly I am outraged at the politicians.
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