On the anniversary of the Lehman Brothers’ collapse, a Los Angeles Times report suggests the banking industry is still struggling to manage its image in the post-bailout era.
A senior vice president at Wells Fargo who is in charge of foreclosed properties reportedly used a $12 million, repossessed oceanfront mansion in Malibu, Calif., to host “eye-catching” parties.
Meanwhile, it wasn’t working very hard to sell the place. A Coldwell Banker Realtor said the bank denied requests to show the house to prosepective buyers.
The banker, Cheronda Guyton, could not be reached for comment by the newspaper. Wells Fargo said it doesn’t discuss “specific team member situations” for privacy reasons.
The story is generating public outrage, much like an Associated Press report last February about a Las Vegas retreat that was planned for Wells Fargo employees and subsequently canceled.