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.