Looks like Wachovia — the bank that got in so far over its head that the Federal government had to step in and broker a sale of their assets — has pulled a page from AIG’s playbook:
As ailing Wachovia Corp. waits to see whether it will be acquired by Wells Fargo & Co. or Citigroup Inc. — possibly with taxpayers paying the tab for hundreds of billions of dollars in bad loans — some of the company’s top brokers are preparing to depart Saturday for an all-expenses-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.
Words fail me.