Wells Fargo cancels Vegas meeting

NEW YORK (CNN) - Wells Fargo announced Tuesday it would cancel a four-day business meeting in Las Vegas, Nevada, after news reports tagged it a "pricey Las Vegas casino junket."

The company, one of nine banks to receive funds from the first round of government bailout money last fall, called the reports "intentionally misleading."

"The event is not a 'junket' for executives but a four-day business meeting and recognition event for hard-working team members who made homeownership achievable and sustainable for borrowers across the nation," the company said in a statement.

Citing an Associated Press story, CNN reported that Wells Fargo had booked 12 nights at two of the city's most expensive hotels, drawing questions and criticism from Capitol Hill on whether the bank, the recipient of $25 billion from the Treasury's bailout plan, misused the taxpayer's money.

"The question here is whether Wells Fargo is spending taxpayer money to bankroll Las Vegas junkets," New York Attorney General Andrew Cuomo told Bloomberg News in an e-mailed statement. "That is an answer the American people deserve to know because this is their money."