Friday, September 11, 2009

Wells Fargo's new executive vacation home

The LA Times today reveals that an executive from Wells Fargo bank was living at a beachside mansion in Malibu that had been foreclosed. The former owner was a victim of the Bernard Madoff Ponzi scheme. After he moved out the neighbors noticed new people living at the $12 million house, holding expensive parties over the summer. License plate tracing showed the new residents were the family of Cheronda Guyton, a senior vice president for foreclosed commercial properties at the bank . When real estate agents inquired about showing the home for prospective clients, the bank said the house was not for sale. The bank said it is investigating the situation. Just adds more fuel to the fire of government bailout and big business haters.

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