We're watching the unfolding of a case study in action--this time, it is the very public merger of Wells-Fargo and Wachovia.
And while Triad Media Watch is not necessarily a public relations blog, our local media still has a responsibility to cover the business end of this merger, for it affects a great number of people in the Piedmont Triad, from employees to shareholders to customers.
Undoubtedly, you've been made aware of the recent stories involving WF's shuttered employee recognition event that was due to occur in Las Vegas. WF is a recipient of Washington welfare--err, bank bailout money. It is causing one major crap-storm on a new blog unveiled in early January to discuss the ongoing merger completion efforts by WF and Wachovia.
Damage control doesn't even describe the anger among many who are affected by this corporate marriage. Employees of WF ask what the fuss is all about. Other employees blame the business media for blowing it out of proportion. Some employees blame the company for taking the event to Las Vegas and not having it in San Francisco, WF's corporate location. Shareholders are up in arms. And customers like us (and I have a dollar or two [literally] in both banks) are left to wonder what the future holds for this merger.
It is the responsibility of our local media, particularly, what's left of our local business press, to report any and all happenings with respect to this merger, fairly and openly.
E.C. :)
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