Wells Fargo Banker Parties it Up in House that Defies Housing Bubble Logic
We all know the Goldman rats know how to party but I must admit here that I wasn't expecting this out of a Wells Fargo banker.
Wells Fargo has said it had fired an employee who held a series of parties at a Malibu mansion seized by the bank from a couple who were swindled in the Bernard Madoff fraud.
"Our investigation concluded a single team member was responsible for violating our company policies. As a result, employment of this individual has been terminated," a statement from the bank said.
"We deeply regret the activities that have taken place as they do not reflect the conduct we expect of our team members."
Earlier reports said local residents had seen the employee, identified as Cheronda Guyton, spending several weekends at the 12-million-dollar home during the summer after it was taken over by the bank.
Guyton, a senior vice president responsible for commercial foreclosed properties, reportedly held several parties at the mansion, including one at which guests arrived from an offshore yacht.
You go, Cheronda.
Ms Guyton's LinkedIn profile reveals she's been with WFC since 1992, at which time yours truly was in the 6th grade. I guess the lure of partying in a Malibu Barbie dreamhouse can trump the sensibilities of even the most seasoned banker.
So, uh, why did Wells Fargo take the house off the market in the first place? I can imagine the $12 million price tag may have had something to do with that. Or maybe it was because they knew the property was in better hands with their Senior VP of CRE?! (LOL) I even read an article that said Guyton is being "villified" in the media and may have simply been performing her fiduciary duty, tending to a bank-owned property with no buyers lined up. Um excuse me, what part of fiduciary duty involves having yachts drop off your friends for huge parties? Just wondering.
Even better, some are calling "racism!", saying that Guyton is being unfairly targeted because of her skin color. OH PLEASE, now that's racist.
There was no legal reason to squat at the property. That goes for anyone, brown, red, yellow, orange, green, I don't give a shit. If Wells Fargo didn't agree, they wouldn't have fired her Monday.
The latest phone number I could find for Ms Guyton goes back to 2003 but in case you want to send hate mail [Legal disclaimer: Jr Deputy Accountant would never ever encourage this sort of behavior, of course], her last known address (besides the Malibu property that wasn't hers) is as follows:
6260 3RD ST
LOS ANGELES, CA 90036
Cheronda and her husband Andrew (who also goes by Sidney, it appears) owned the property as of January 2007 but we can't find anything since; maybe Wells Fargo foreclosed on that as well? Hopefully if she is no longer at that location the USPS will be kind enough to forward her hate mail [that we note here again we don't encourage].
Enough with Guyton, can someone please explain to me how the property in question went from $3 million to $12 million in JULY of 2009?! 07/09! Anyone remember back that far? Not exactly a time ripe for skyrocketing home values. The property at 23360 Malibu Colony Rd was less than a steal for Wells Fargo, don't you think? Imagine, with bizarre, over-inflated property values for bank-owned cribs like this on their books, Wells Fargo can accomplish anything, including making it appear as though they are actually solvent!
When in doubt, look at the fucking chart:
The place is up 236.1% for the year! THIS year. In the 5 months since the sale, the property has risen a paltry 185.0%. With numbers like that, homicidal maniac Alan Greenspan is probably creaming his pants just thinking about the pure unadulterated housing bubbliciousness. As FASB might say, FUCK FAIR VALUE, BITCHES! Disgusting. And only slightly (read: painfully) suspicious.
The Realtor for the house told the Times that Wells Fargo wouldn't show the house to potential buyers either. The bank stated that it had some kind of agreement with the prior owner to keep it off the market for "a period of time."
Maybe there was some sort of "we'll keep it off of the market until you find a sucker willing to buy this bitch ass house that was marked up $9 million in 8 months in the middle of a housing crisis and massive debt deflation" deal at work here. Just sayin.
In a final twist of irony, it appears as though Ms Guyton's $900,000 property in LA (HER actual property, not the sweet Malibu joint she was squatting in with her husband) does not hold a Wells Fargo mortgage. Try Downey Savings. Oh that's awesome.