In today's episode, Bankers Behaving Badly....
A senior Wells Fargo executive may have been living it up in a bank-owned multimillion-dollar oceanfront Malibu beach house. The house in question, the bank says, ended up in their hands in May 2009 when the former owners turned it over to Wells Fargo after reportedly losing a bundle in Bernie Madoff's massive fraud.
The uninvited houseguest, according to neighbors who blew the whistle on the situation, is reportedly Cheronda Guyton, a senior vice president in Wells Fargo's foreclosed commercial properties division.
In a statement provide to ABC News, a spokesperson for the bank would not confirm Guyton's role in the alleged incident, but said they "will conduct a thorough investigation of the allegations."
The statement also said that "Wells Fargo's Code of Ethics and Business Conduct handbook instructs team members to avoid conflicts of interest or the appearance of conflicts of interest in their personal and business activities."
Read on.
On a side note: Someone sent me an excerpt of Wells Fargo rule handbook. And certainly the bank exec didn't read her handbook. Here we go:
Wells Fargo employee handbook states, "Wells Fargo expects its team members to adhere to the highest possible standards of ethics and business conduct with customers, team members, stockholders and the communities it serves, and to comply with all applicable laws, rules and regulations that govern our businesses. The Code of Ethics and Business Conduct sets forth Wells Fargo's policy and standards concerning ethical conduct for all team members. Our aim is to promote an atmosphere in which ethical behavior is well recognized as a priority and practiced."
Obviously, Wells Fargo should practice what they preach.
1 comment:
I wonder how many other homes have been lived in by Bank Executives? Look this isn't the first time, it's just the first time someone was caught. Now when the house is sold the buyer can claim damages to reduce the price.
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