Please explain to me why financial institutions continue to do stupid things with money.

Wells Fargo was planning Vegas outings for employees.  Bank of America sponsored a "carnival" outside the SuperBowl; Morgan Stanley wanted to send some employees to Monaco.

They also want federal bailout money.

This reminds me of the Big Three auto maker CEOs who all flew to Washington on their own private jets to beg for cash. (See my earlier post.)

The answer really is quite simple.  Financial institutions, like any that deals with customers, must do everything they can to make sure their actions match their words.

Surely, you're rolling your eyes but, believe it or not, there ARE corporate decision makers who don't yet understand this.

Let's not forget the $20 million per year that Citibank is spending for naming rights to the Mets' new stadium. If they are going to do that, at least the name should be "Taxpayer Stadium":(