Friday, September 11, 2009


Wells Fargo, a bank bailed out by taxpayers to the tune of $25 billion, has reached a new low in sociopathic, corporate greed.

Cheronda Guyton, a senior VP of foreclosed commercial properties, apparently liked a $12 million beach house (pictured above) so much that she’s hosting parties there every weekend. The problem? It was recently surrendered to the bank by the previous owners who’d lost the house after being taken for a ride over the cliff by Bernard Madoff… despite the bank’s apparently not so strict policy of not settling into foreclosed homes owned by them.

It gets better. The bank wouldn’t put the home on the market even when Guyton’s new neighbors’ friends wanted to buy it. Wells Fargo said that it had made that arrangement with the prior owners, although it mystifies me how the prior owners would have any control over the house’s disposition. The neighbors got Guyton’s name only after speaking to security personnel on the property who’d given to her, apparently without question, a homeowner’s parking pass.

You may remember last February, Wells Fargo was shamed into cancelling a 12 day junket to Las Vegas in the middle of allegations that they were misusing $25 billion in bailout bucks.

So, bottom line: Madoff wipes out wealthy homeowners. Homeowners surrender home to Wells Fargo. Top Wells Fargo foreclosure executive moves into the spoils with her family to host parties and the bank refuses to put the house back on the market even when prospective buyers wanted to look at it. After ducking the press for the weekend, Guyton will then come back on Monday claiming to have moved out, wondering what all the fuss is about and we’ll forget all about it. Corporate executives in both bailed out and solvent companies and banks are pure sociopaths. Any questions?

The Wall Street Journal has an amusing take on this.


At September 12, 2009 at 2:02 AM, Blogger Bukko_in_Australia said...

You're seeing one more example of how America is a kleptocracy with a class system. (Maybe that should be "klass" system.) It's not a hereditary class system; just a system where those who have money can do what they want, and only people without money have to follow the rules.

The klepto-klass system means that a powerful person in a bank can get a security guard to give her parking passes. No cop questions her right to throw parties there. She's from the money klass. Credentials need not be shown. If anyone else wanted to park or party there, their arse would be in jail tout suite.

You've also seen it in your own life, JP. How's about your crooked former bosses, breaking all sorts of employment rules, dodging their responsibility to pay bills, and getting away with it because they have connections? It's like the old Soviet Union, or Putin's oligarchic fascist Russia today, where clout and influence are the only law.

But people like this skeeving bank exec live on a razor's edge, too. Unlike hereditary upper-class members, they can fall at a moment's screw-up. With luck, that's what will happen to her. It's gotta be a worrisome place to be in their lives. (Although not as worrisome as living at the edge of poverty, granted.) All the more reason for them to steal with both hands while they still have the chance.

At September 12, 2009 at 6:32 PM, Anonymous Anonymous said...

B in A I think you missed spelled Amerika.:)

At September 12, 2009 at 7:51 PM, Blogger Bukko_in_Australia said...

Yeah, Joe, I need three "Ks" there...

Actually, I usedta like the place. It had so much potential. Too bad about what happened to it.


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