One of the reasons I’m not proud to say I’m a banker right now…..
Okay, this is just really embarassing to the banking profession. Bernie Madoff swindled this couple out of millions. They end up losing their home to Wells Fargo because of it all.
And what does the head of Well’s foreclosure unit do? Spend weekends at the house with her husband and kids and throw big parties at the house.
That’s just wrong on so many levels and I’m not happy to be in the same profession as someone like that.
Tom Vanderwell
Wells Fargo exec used Malibu Colony home lost by Madoff-duped couple, neighbors say — latimes.com
Bernard L. Madoff’s massive fraud stunned some of the wealthy denizens of Malibu Colony, especially when a couple devastated by the scheme surrendered their oceanfront home to Wells Fargo Bank.But some neighbors say the real shocker came when they saw one of the bank’s top executives spending weekends in the $12-million beach house and hosting eye-catching parties there. What’s more, Wells Fargo spurned offers to show the property to prospective buyers, a real estate agent said.
Bankers Gone Wild! Make so many bad loans you get billions in taxpayer cash, So much cash you get to pay your bonuses as if you actually made a profit! This is the consequence when you have a tax cheat running the US Treasury.
She – the Wells Fargo SVP – was fired by the bank today after an internal investigation that lasted just over the weekend. Pretty quick – must have been a slam dunk case. Story pops Friday and exec is fired on Monday. BTW – she was the head of a unit that managed foreclosed commercial property for Wells. This s more a story of a bad seed than a systemic issue at a bank. Let’s not get carried away.
sorry – full disclosure here. I work for a joint venture between Wells Fargo Mortgage and a real estate brokerage on the East Coast.
Jeff,
If this was the only issue of employee malfeasance that we’ve heard of in the last 2 years, I’d be more inclined to agree with you. But we haven’t. Time and time again, whether it’s the AIG bonuses, the remodeling of John Thain’s office for multiple millions of dollars, paying executives $700,000 salaries when the government had to bail out the financial institutions, I could go on and on.
The financial industry has frankly embarrassed itself. We as an industry are in large part the reason that so many people are feeling so much pain right now. I do, and I’m sure you do as well, talk to probably a dozen or more people a week who are in significant financial pain due to the crap that Wall Street and the banking industry pulled on the American consumer. And guess what, Wall Street has emerged relatively unscathed in comparison to the consumer.
I’m not picking on Wells in particular, I’m just embarrassed by the industry I used to be proud of.
Tom
Thanks for the full disclosure.
Thinking this is an isolated incident of a rogue employee would be comparable to thinking only one baseball player used steroids.
Tony,
Absolutely right on….
Thanks for stopping by….
Tom