in a press statement and advertisements. Wells Fargo's "recognition events" are not "junkets" for executives, the company said, but rather are designed to recognize employees. "Through all economic cycles, our recognition events have been an important part of our company’s culture. Late last year, we canceled recognition events for 2009 except those where the financial commitment was so great that no meaningful savings would occur by canceling these events. We had scaled back the mortgage event, but in light of the current environment, we have now decided to cancel this event as well. We do not plan to have any other recognition events this year," according to the company statement. "We've used the government's investment to lend to creditworthy customers and to help homeowners avoid foreclosure." The bank is a beneficiary of the
Troubled Asset Relief Program, which has brought with it scrutiny on how participating firms spend money.