WFC and your TARP bucks

$WFC - Wells Fargo reconsiders plan to party in Las Vegas.

The company had planned a posh outing for its top mortgage writers to kick off this week at the Wynn Las Vegas. 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.

I should think so. $25 billion of TARP money and folks might ask some questions.

The market had an okay day. I doubt anyone is jumping for joy these days on a smalll up day. It is as if hope and life have been sucked out of investment portfolios.

Volume light. So technically, no changes.

Las Vegas: Wrapped

• Took a quick snap of The Shark Tank at the Golden Nugget with the camera phone. The tube going through the middle is the last part of a waterslide.
• I have to default to the standard line that "What happens in Vegas, stays in Vegas." 
• Plane flight was delayed for a couple of hours and I came home really late monday night.  Crashed into the sack and when the alarm went off this morning, I slept right through it.  Came in a little late, and trying to find my bearings.  Fortunately, the work at the Fun Factory has been like a splash of cold water on my face and has me focused resolving issues.   I came in and had 176 emails waiting.  I was only gone for a weekend plus one workday, folks.  Amazing.
• It's  amazing how when one travels, how easy it is to get unplugged from the news.  Flying back last night I noticed a lot of haze over the mountains, not realizing that there was a horrible fire up around Lake Tahoe.  Been receiving some emails from friends up there who have been evacuated and are telling me about homes and lives destroyed.  Thoughts and prayers are with all of you up there.
• The market... The action yesterday and today continues to look weak.  I continue to feel that the market is vulnerable for a correction a little larger than what we've seen in recent months.  Something to raise the level of fear a smidge.  I remain positioned as last week, with lots of cash, low beta stock holdings and a dwindling number of mo-mo stocks.  
• Looks like the "Summer Panic of 2007" catalyst may be hedge funds and/or subprimes. 
• Ah, Vegas... sigh.

Las Vegas: Fremont Street

Fremont Street is an interesting place. You have the hustle and
bustle of tourists, combined with homeless folks hanging out downtown.
There is quite the police presence, as they meander around the crowd
on their police bikes.

One memory I will have of this trip is the derelict who approached a
bike cop at an intersection. This guy had wild hair, a scraggly
beard, and his clothes looked like he had been sleeping in a dirt
field. He had a beer in each hand and a bottle of whiskey in his back
pocket. He staggered up to the bike cop, barely maintaining balance
and asked, 'Hey officer, can I borrow your bike?' and laughed. The
cop didn't respond and when the light turned green, sped away on the
bike.

The Tarheels didn't work out for me, but the Angels on the run line
did. Played craps to a standstill, as the sevens seemed evenly spaced
out. Slots were a little more brutal.

--
muckdog
http://thelearningcurve.blogspot.com

Las Vegas: Swimming with the sharks

The pool... I am at the Golden Nugget in old Las Vegas. They have the
nice pool with the shark tank. Not James 'rev shark' Deporre, but
real sharks. I meet this guy from Missouri who tells me he is getting
married tonight. So I hang out with the clan of 40 in the party.
There are buckets of beer poolside, and a few trips down the water
slide that goes through the shark tank.

He says he works as a salesman for a beer company. And if he is ever
caught drinking a beer other than the company beer, he would be fired
on the spot. Needless to say, he was throwing caution to the wind and
sucking down beers from a competing company.

Everyone plays the rebel in their own way.

So a few buckets of beers... My buds show. We are losing with the
Tarheels in the college world series... A buffet at the Golden
Nugget... Time to hit the streets.

--
muckdog
http://thelearningcurve.blogspot.com

Las Vegas: The College World Series

So.

It will be increasingly more difficult to type as the day goes on.
Lets just thank our friends at Corona for that.

I have UNC in the college world series game. But remind me to tell
you about the afternoon at the pool...

--
muckdog
http://thelearningcurve.blogspot.com

Las Vegas: Airplane!

On the flight to Las Vegas, I sat next to a couple from Little Rock.
They were vacationing in Sacramento and on they're way back home. I
had to ask them what does one do when vacationing in Sacramento?
Visit family was reason number one. But they had the chance to visit
Old Sacramento and the Railroad museum. The Crocker Art Museum was
closed when they went. And they used Sac as a home base when making
jaunts to San Francisco, Lake Tahoe and Reno. Nice to meet you, Randy
and Sheri.

It is amazing that in just an ninety-minute journey, that I learned
about their family, where they grew up, what they do and what
entertains them. Randy is afraid of flying, and this was only his
second plane flight. Every bump of turbulence was met straight on
with a stern look of concern. Or maybe that was nausea! He normally
takes long road trips and grew up in a family that loves cross-country
RV excursions.

Sheri works as a dental assistant and doesn't mind knocking back a few
drinks. She told me about her gambling trip to the Thunder Valley
Indian casino. She has no kids of her own, but as this is Randy's
second marriage, she has two adult step kids. She smiled at me as she
said, 'Theyre out of the house.' That look had almost the opposite
expressions compared to Randy's over the flight turbulence.

So here I am, Sin City.

Some friends arriving shortly. Blogging from the pda phone, so
forgive typos and such....

--
muckdog
http://thelearningcurve.blogspot.com

Las Vegas: The Airport

Leaving for Vegas!

Got cash. Got big dreams. I will own the craps tables. I have a
feeling that the 7's will be a no show this weekend, baby!

Checking in here in Sacramento on the way to Las Vegas. I just made
it through the security checkpoint. Of course, I am always pulled
aside to have my bag checked. Don't know why. I have to budget an
extra 15 minutes to plan for that hassle.

The guy sitting to me is your typical overweight white guy. And he is
eating a Cinnabon thing. Which is kind of half grossing me out and
half reminding me that I didn't eat anything out the door this
morning.

Folks are piling in line an hour ahead of time. Securing a bin spot
is the next Prime Directive of travel...

I forgot to pick up a Barrons on my way in. But I have offloaded some
stuff on to my smrt phone to read. Plus, ther is always the Sky Mall
magazine. Which may be more cheery than Alan Abelson anyways.

--
muckdog
http://thelearningcurve.blogspot.com