Wells Fargo Defends, Then Cancels Vegas Junket

Summary

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WASHINGTON -- Wells Fargo & Co. abruptly canceled Tuesday a pricey Las Vegas casino junket for employees after a torrent of criticism that it was misusing $25 billion in taxpayer bailout money.

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.

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Extract

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Wells Fargo Defends, Then Cancels Vegas Junket

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 Baham...

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