Hats off to the Los Angeles Times for bringing us the story that while the mortgage crisis has resulted in people losing their homes and banks closing down, there is one executive at Wells Fargo who has been living it up in the crisis.
According to that story, Cheronda Guyton, a Wells Fargo senior vice president responsible for foreclosed commercial properties, was throwing lavish parties at a house that had belonged to a Lawrence and Linda Elins whose mortgage was through Wells Fargo. They lost most their fortune, including their 3800-square-foot, two-level Malibu property, because they had invested in Bernie Madoff's ponzi scheme.
In other words, Guyton had used the bank-owned property as her personal playground and what's more, she cashed in on the tragedy of people who had lost everything to Madoff. Significantly, the bank refused to talk to the LA Times for privacy reasons. The bank claims employees making personal use of property surrendered to satisfy debts would be a breach of its code ethics. Which raises questions about whether Wells Fargo actually takes that code all that seriously.
The property is not on the market but according to this property website, the price is available on request. If nothing else, take a look at the plush surroundings. So tempting for corrupt bankers.
This does nothing for the reputation of bankers. As the Stock Geometry blog says, it kind of inspires you to form a lynch mob and "wipe these worthless piles of crap off the planet".
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