Archive for February 3rd, 2009

The best argument yet for nationalizing the banks

3 February 2009

And naturally it comes from a bank.  Headline on

Bailed-out Wells Fargo plans Las Vegas junket:
Company spokesperson says event is part of the bank’s culture

Brings to mind somebody’s great line that the financial sector is like a casino, except the casinos are strictly regulated by the government.

Really, actions like this probably do more than a thousand Paul Krugman columns to whip up support for nationalizing the big problem banks.

More on nationalization coming up soon.

UPDATE, FEB. 4:  Wells Fargo subsequently decided that the Vegas junket was not such a good idea, at least if people knew about it.   Coincidence or not, the reversal came in the same news cycle as Obama’s announcement about executive pay restrictions on companies receiving bailout money.  Let the loophole mining begin — the new restrictions apparently pertain only to salaries and bonuses, not extravagant junkets or million-dollar office refurbishings.