Wachovia Brokers: "We're Going On A Cruise This Weekend.. Damn The Press Just Learned About It."

10/10/2008 01:05:00 AM

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SinkingShip-2 Wachovia who's basically BROKE, and while waiting to see if the government will relieve it of bad loans, the bank prepared to send 75 employees on a Mediterranean cruise.  The following comes from a LA Times article dated October 9, 2008

...some of the company's top brokers are preparing to depart Saturday for an all-expense-paid cruise of the Greek Isles.

The weeklong trip for up to 75 employees of brokerage A.G. Edwards, which Wachovia acquired last year for nearly $7 billion, will also include spouses and significant others, said Teresa Dougherty, a Wachovia spokeswoman.

"This is one way that we recognize our top financial advisors," she said.

In Wachovia's case, the company declined to say what cruise line the Edwards workers would be taking or what islands they would be visiting. 

Dougherty called the cruise a "recognition trip" and said such things "are common practices around brokerage firms."

However, once it hit the presses, the cruise was off.  Jim Griffin, a spokesman for Wachovia Corp., said the trip had been called off.

"With uncertainty in the markets right now, financial advisors have told us that they prefer to remain close to their clients," Griffin said, "so Wachovia has made the decision to call off the trip."

How convenient....


Citigroup dropped out of the talks Thursday to acquire part or all of Wachovia, cleaning the way for Wells Fargo to take over.


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