Bailed-out Wells Fargo Plans Las Vegas Casino Junkets (loans, mortgage rates, buying)

[Kootr]

Bailed-Out Wells Fargo Plans Weeklong Las Vegas Casino Junkets - cbs2.com (http://cbs2.com/business/Wells.Fargo.vegas.2.925675.html - broken link)

[cohdane]

Didn't think I'd be buying a first class ticket to Vegas this year with a stay at a four star resort. Guess I was wrong. Who do I send my tax check to these days, the IRS or Wells Fargo?

[plaidmom]

Now Now, let's all give the fine folks at WF the benefit of the doubt.

I'm sure that their plan is to bring in their very best of the bestest math-wiz types (i.e. card counters) and clean the place out.

They will then, magnanimously, proceed to repay the American Taxpayers with those funds.

Am I close?

[EinsteinsGhost]

Wells Fargo was one of the rare banks that didn't ask for a bail out as it had avoided the madness most other banks got into. And in fact, it just paid $371.5 million in quarterly dividend to the government.

[goodbyehollywood]

Wells Fargo doesn't need the money so much as it figured it a savvy business strategy to accept "free" funds and put them to good use.

In fact, WF has been raising their mortgage rates to curtail the number of loan apps. Despite repeated upstaffing, they can't handle the volume and are servicing primarily those with high LTVs willing to pay a slightly higher rate. And it's taking them 70-90 days to close many loans. They have more business than they can handle, so I guess they're treating themselves.

[thetalentedmrdiamonte]

If Wells Fargo didn't accept the $25 Billion, then they could've gone on the trip no problem in my eyes, your eyes, the newspapers. But because they did in fact accept $25 Billion of taxpayers' money regardless them being in trouble or not...oh yeah. The US Congress did right by pressuring them to cancel.