Tuesday, September 15, 2009


Ponzi schemes (a la Bernie Madoff), risk without costs, reckless behavior, bonuses for running the economy into the ground, arrogance & hubris even after receiving taxpayer funded bailouts ... what more should we expect from the financial titans of America. Guess what? They want your house too.

Well, at least it would seem so, as this case of Vulture Capitalism suggests.

It turns out that a Wells Fargo executive used a foreclosed/bank-owned, beachfront Malibu home as her own private party pad. Neighbors said that Cheronda Guyton, a Wells Fargo senior vice president responsible for foreclosed commercial properties, spent weekends in the multi-million home hosting "eye-catching" gatherings.

But who can blame her, right? Check out the view.

And when you get tired of sipping wine and thinking about who you want to foreclose on next, you can whip up a nice meal here ...

which you can eat here ...

My friends, even though Wells Fargo is trying to pass this incident off as an aberration it's hard to deny that the irresponsible behavior of the industry is not. Sure, the Wells Fargo vice president was fired for getting caught (which, no doubt, will lead to a bonus for someone). But there is no doubting that the financial industry thrives under an environment that pushes one to pursue this lifestyle and behavior.

And, yes, Wells Fargo received taxpayer funded bailout money too.

- Mark

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