Wells Fargo seems to be the latest in a long line of companies that just don't seem to understand what is going on. Oh, they understand how to ask for and receive $25,000,000,000 of taxpayer money. They understand how NOT TO RESPOND TO AN OFFER WE MADE 5 DAYS AGO with any kind of counter or semblance of an answer. They understand how to reward employees for only losing $2,300,000,000 last quarter.
What they don't seem to understand is the backlash. I've long been a proponent of keeping government out of business. But how can I defend my stance, if only to myself, when this kind of arrogance goes on with financial services company after financial services company? At least GM had the wisdom to pull their heads out of their nether regions and not pay $3,000,000 of money on a 30 second commercial and to quit with the private jet trips to congress to ask for more money.
I've intentionally used all those zeros to make you think. What's the population of America? 300 million? That means Wells Fargo was charging my family of 6 $499.98 to help them fund their party. Frankly, I don't want to pay it. I have my own ways to spend my $499.98. Same goes for AIG, GM, and everyone else. Keep your hands off my check book! This is money my kids may never see back. They are already going to have to pay for the mismanagement of the retirement systems/attitudes of our nation.
Hey employees of this and other bailout companies, your reward for losing $2+ billion is that you get to keep your jobs in an effort to make that money back. Not go to Vegas and slap each other on the back.
How did this kind of arrogance work out for pre-revolutionary France? (Yes, yes. I know that many say Marie A never actually said the words "let them eat cake." But how did it work out for her anyway?)
I feel better now.
