Just to keep you up to date on how helpful those bailouts were:
Let’s start with poor poor Citigroup.
Just weeks after Citigroup averted total collapse with a $45 billion shot in the arm of taxpayer cash, the bank jetted its former CEO and his family on one of its corporate jets to a posh Mexican resort for New Year’s, The Post has learned.
Sandy Weill, 75, hopped aboard the tanking bank’s Bombardier BD 700 Global Express on Dec. 26 with his wife, Joan, daughter Jessica, her husband and their children. They flew from Westchester County Airport to the Los Cabos shore region in sunny Baja, according to aviation records and sources familiar with the trip.
The holiday jaunt came the same week that Citigroup – which lost $28.2 billion over the last five quarters and cut 75,000 jobs globally in 2008 – agreed to curtail runaway corporate expenses as part of a deal to get the massive influx of federal money.
The new belt-tightening policy went into effect on Dec. 31, while the jet was parked at the Los Cabos airport.
The family stayed through Jan. 3 at the ultra-expensive One & Only Palmilla in San José del Cabo – where a four-bedroom suite costs $12,000 a night. It’s the same beachfront resort favored by high-wattage stars like Jennifer Aniston and John Travolta and is where Eli Manning got married in April.
Lovely little family. I know you didn’t mind sending them on vacation.
Now, on to Bank of America and their Super Bowl “Funfest”. Reported by Brian Ross, ABC.
Despite a near collapse that required $45 billion in federal taxpayer bailout funds, Bank of America sponsored a five day carnival-like affair just outside the Super Bowl stadium this past week as President Obama decried wasteful spending on Wall St.
The event – known as the NFL Experience – was 850,000 square feet of sports games and interactive entertainment attractions for football fans and was blanketed in Bank of America logos and marketing calls to sign up for football-themed banking products.
But let us not be ignorant. This experience was very important to the future success of Bank Of America.
The bank staunchly defended its sponsorship, saying it was a ” business proposition” and part of its “growth strategy.”
Stupid us! We just don’t see that this is so important to Bank Of America’s “growth”.
According to the Bank of America, the official bank of the NFL, its NFL partnerships and product tie-tins “generate significant revenue streams.”
Apparently, not significant enough, buddy. You begged for $45 billion of America’s money. The only “steady stream” we see is pigs like you pissing on America.
Wells Fargowasn’t as lucky. They got a little nervous when it was disovered they had an interesting event coming up.
WASHINGTON (AP) — Wells Fargo & Co. is likely on the hook for hefty cancellation fees after abruptly scrapping its upcoming retreats to Las Vegas casinos.
The company, which received $25 billion in taxpayer bailout money and recently announced a $2.3 billion loss for the last quarter of 2008, had booked 12 nights at two of the most expensive hotels in Las Vegas for events that included a luxurious four-day employee sales conference.
But after lawmakers and investigators admonished the company, Wells Fargo scrapped the trip Tuesday night.
Poor poor babies. No las Vegas for thee!
The company initially defended the trip after The Associated Press reported it had booked 12 nights beginning Friday at the Wynn Las Vegas and the Encore Las Vegas. But within hours, investigators and lawmakers on Capitol Hill had scorned the bank, and the company canceled.
The conference is a Wells Fargo tradition. Previous all-expense-paid trips have included helicopter rides, wine tasting, 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.
Gee. Now you’re making us feel really bad for you….
House Financial Services Committee Chairman Barney Frank, D-Mass., said banks were acting “stupid” and making it harder for lawmakers to defend them.
“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.”
No Barney. Not quite. We hate you because we know damned well you brought down the entire country financially by covering up for that other pig Franklin Raines and his tanking of Fannie Mae–not to mention the millions of dollars in bonuses he gave himself while Fannie Mae was collapsing under your watch. We hate you because you are a lying hypocrite who is now chastising people who are no worse than you are. Just saying.
Also not stupid enough to carry out their discovered plans, Morgan Stanley swam in Denial River when questioned about their little junket plans.
Morgan Stanley, which received $10 billion in bailout funds, had been planning to send its top employees to a hotel in Monte Carlo this April. A Morgan Stanley travel agent said that the trip, along with a similar event in the Bahamas, was still on as of Tuesday afternoon. But company spokesman Jim Wiggins said employees were told Monday that the events were canceled. He said the travel agent was incorrect.
I’ll bet they have a new travel agent now, don’t you?