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Posted At : February 5, 2009 03:59 PM | Posted By : D McKee
Related Categories:
MGM Mirage,Economy,Harrah's,Current,Steve Wynn,Wall Street
Everybody seems to have an opinion on the Wells Fargo-in-Vegas imbroglio but me. No, the propriety of such an indulgence by a taxpayer-supported financial institution is dubious and, yes, I am genuinely concerned that the Las Vegas Strip lost some sorely needed business, even if cancellation fees will partially -- but not adequately -- soften the impact.
As it its wont, the local paper went straight into its default setting of Hysteria Mode in a tortured defense of Wells Fargo's abortive junket. Some of the better laugh lines include: "Are they supposed to hand out toasters to the associates charged with generating enough business to repay the U.S. Treasury?" Well, if your fiscal mismanagement has forced you to supplicate Uncle Sam for TARP money, even getting a free toaster might be excessive bonus compensation. (I speak somewhat in jest ... but not much.)
Then there's this Message from Our Sponsor: "It's worth noting that an extended stay in Las Vegas is nowhere near as costly as it was even a year ago. Many of the Strip's most opulent resorts are offering bargain prices for rooms, plus credits for meals, entertainment and, yes, gambling. Right now, Las Vegas and its first-class amenities are a bargain." Thank you, Las Vegas Convention & Visitors Authority. Who knew you were masquerading as the Las Vegas Review-Journal, too? And that spin ... Wells Fargo was coming here because they were savvy bargain hunters. Aha!
That certainly explains the choice of Wynn Las Vegas/Encore for the big corporate shindig. Of course, I'm not suggesting that Wells Fargo should have felt compelled to stay at Circus Circus or Hooters -- not that I begrudge them the business -- and Imperial Palace might have constituted "cruel and unusual punishment" under our Constitution.
But ...
For a genuinely thoughtful and persuasive apologia pro Wells Fargo, read David G. Schwartz instead.
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- No, they want to punish fat cat bankers (and others) who have caused "countless innocents" to lose their retirement $$, jobs, income, and homes, etc. because of their greed. We don't need more "trickle down economics". LV has tried investing $$$$ to attract Fat Cat Bankers and their ilk to the brink of insolvency. Now they are going back to marketing to bread-and-butter "low rollers"; too late: the Fat Cat Bankers have wiped out their spare income.