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.

After The Associated Press 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.