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Wells Fargo Skewered For Posh Outing

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In breaking news CNBC's Scott Cohn reports that corporate retreats and federal bailout money don't mix.

After hours Wells Fargo announced that it was reconsidering whether to hold a corporate junket to Las Vegas amid criticism from Capitol Hill.

The New York Atorney General tells CNBC he wants to know if the bank was spending tax payer money to finance the excursion.

The conference is a Wells Fargo tradition. Previous years have included all-expense-paid helicopter rides, wine tasting, horseback riding in Puerto Rico and a private Jimmy Buffett concert in the Bahamas for more than 1,000 employees and guests.

After the Associated Press first reported that this year's event was about to kick off despite the company's $25 billion bailout, the company defended its decision. But after swift outcry from Capitol Hill, a company spokesman says it's reconsidering its plan.

You can find Scott Cohn's full report at the top of this video.



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