rssWells Fargo Exec Squats in Foreclosed $12 Million Malibu Beach House
Friday, September 11, 2009 at 2:36 pm
- 7 Comments
Just when you thought it was a tough time to be a banker comes this heartwarming tale of a bank executive effectively squatting in a $12 million Malibu foreclosure. From The Associated Press:
A Wells Fargo executive who oversees foreclosed properties hosted parties and spent long summer weekends in a $12 million Malibu beach house, moving into the home just after it had been surrendered to Wells Fargo to satisfy debts, neighbors told The Associated Press.
It seems that Cheronda Guyton, a senior vice president responsible for foreclosed commercial properties at Wells Fargo, moved into the home in May after the previous owners lost their shirts in the Bernie Madoff scheme.
On Wednesday, another Wells executive, Mary Coffin, told House lawmakers that the banking giant, though a big corporation, “operate[s] with the conscience of a company determined to do what is right for our customers, our investors, and for all American taxpayers.”
Guyton’s actions suggest a different reality. And though it might be an isolated case, Mary this week pointed to a more systemic (and egregious) practice allegedly adopted by a Wells office in California: an alleged policy of lending discrimination in minority neighborhoods.
Wells stock might be on the rise, but its public image is quickly sinking.
Update: Thanks to reader M.A.M. for sending on a link to amazing photos of the actual house.
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7 Comments
Pingback posted September 11, 2009 @ 3:14 pm
[...] the home in May after the previous owners lost their shirts in the Bernie Madoff scheme. … Click for more Published: September 11, 2009 « Previous Post Next Post [...]
Pingback posted September 11, 2009 @ 3:53 pm
[...] the Agent Blog RSS | MoneyWatch – http://moneywatch.bnet.com/saving-money/blog/ask-agent/|||The Washington Independent » Wells Fargo Exec Squats in Foreclosed …It seems that Cheronda Guyton, a senior vice president responsible for foreclosed commercial [...]
Pingback posted September 11, 2009 @ 4:05 pm
[...] behavior. I hope. …Clusterstock – http://www.businessinsider.com/clusterstock|||The Washington Independent » Wells Fargo Exec Squats in Foreclosed …It seems that Cheronda Guyton, a senior vice president responsible for foreclosed commercial [...]
Comment posted September 11, 2009 @ 8:16 pm
Yet another of those “attracting the best talent” perks I keep hearing about. “[T]he conscience of a company” is really taking the whole concept of corporate personhood to an absurd limit when “mud people” and “ghetto loans” are how they refer to their customers and the crap they sell them.
Pingback posted September 11, 2009 @ 10:59 pm
[...] The Washington Independent » Wells Fargo Exec Squats in Foreclosed … (washingtonindependent.com) – September 11, 2009It seems that Cheronda Guyton, a senior vice president responsible for foreclosed commercial properties at Wells Fargo, moved into the home in May after the previous owners lost their shirts in the Be… [...]
Comment posted September 14, 2009 @ 11:38 pm
And, dude just got the ax for it.
http://www.latimes.com/business/la-fi-malibu-we…
Pingback posted June 21, 2010 @ 10:22 am
[...] 4.Wells Fargo Exec Squats in Foreclosed $12 Million Malibu Beach House « A Wells Fargo executive who oversees foreclosed properties hosted parties and spent long summer weekends in a $12 million Malibu beach house, moving into the home just after it had been surrendered to Wells Fargo to satisfy debts, neighbors told The Associated Press. [...]
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