A story breaking here in Milwaukee is how Wisconsin's second largest bank received half a billion in TARP funds and then planned its annual Puerto Rican winter luxury vacation, a pretty nice perk!
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."
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