Dan Bice revealed that Associated Bank was planning a posh Puerto Rico getaway for employees.
Just three months ago, the state's second-largest bank joined scores of other troubled lenders when it cashed a check for $525 million from the federal government to prop up its bottom line.
Today, Associated is preparing to drop tens of thousands of dollars - and maybe more - to send about 100 employees to a posh Puerto Rican resort as a reward for a job well done.
Making the trip will be everyone from backroom workers to the CEO, Paul Beideman.
On Wednesday, Beideman stood by his decision to send scores of employees on a midwinter junket, despite the bad economy and taxpayer bailout funds.
"How are our associates going to react to it if we willy-nilly cancel the trip because of some issues people are having with other companies," he said. "Given the set of facts that we have, canceling the trip and disappointing these high performers really just wasn't warranted."
The lucky staffers at the Green Bay-based bank are slated to leave Wednesday and fly to the El Conquistador Resort & Golden Door Spa in San Juan, Puerto Rico, returning Feb. 22.
...Beideman said the trip is standard operating procedure for his bank.
"We have a pay-for-performance philosophy in the company," he said. "It's part of that performance, and really it's the people that have done the best in each of our businesses that are going."
Such trips also are SOP for many other lending institutions.
Beideman was concerned about how his employees would react if they would "willy-nilly cancel the trip because of some issues people are having with other companies."
Well, the decision may not have been willy-nilly, but the trip is off.
My guess is the employees aren't happy. They worked hard and their reward has been ripped away from them.
From 620 WTMJ:
Associated Bank says it has canceled a planned trip to Puerto Rico for 100 of its top employees after public outcry over what was called lavish spending by a company receiving nearly half a billion dollars in federal bailout money.
If this is the standard, so be it.
If you get government dollars, you're accountable to the public. If you feed from the public trough, you must relinquish your freedom.
There are new rules now. The private sector basically is facing extinction.
Welcome to the new America! Viva la Revolución! Change! This is Obama's America!
OK. I demand that all lavish spending at the White House be stopped immediately. I expect Obama to quit flying all over the country on Air Force One. I don't want to pay for that. Let him talk to the public via YouTube. Let him work from home and stop wasting taxpayer dollars.
No more perks for members of Congress. Cut the fat. Such spending is inappropriate during this time of economic crisis.
If you get welfare or you benefit from any government program whatsoever, you shouldn't decide how to spend the money you receive.
I think it's best just to cancel everything. That would be the easiest way to manage this.
No more trips. Get used to it.
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