Friday, September 11, 2009
A Wells Fargo executive who heads up the commercial real estate foreclosure division has been using one of the properties seized from Madoff victims for weekend jaunts to the beach. Personally, when I squat in empty multi-million dollar beach front properties, I play it sort of low key. I definitely don't throw any loud parties because it's probably not a good idea to piss off the neighbors when you're doing something that is so preposterous that it may wind up in the pages of the LA Times, not to mention get you fired. Nevertheless, Cheronda Guyton, was caught red handed during the weekends boozing it up with friends in the $12 million Malibu home. Perhaps this is some sort of marketing scheme in this tough economic environment? Not according to angry real estate agents, who wanted to show the property to interested clients but claim that Wells Fargo wouldn't allow it. However, the bank claims that an employee's use of property that has been surrendered to satisfy debts is a violation of its ethics code. I'll take their word for it. And I suspect that Ms. Guyton will have much more free time on her hands and will be spending it in her own, less lavish, accommodations.