Update: Wells Fargo fires exec who hosted parties at foreclosed Malibu property

Wells Fargo issued a statement this afternoon saying that it’s fired the senior vice president who hosted “eye-catching” parties at a bank-repossessed, oceanside property in southern California:

“Our investigation concluded a single team member was responsible for violating our company policies. As a result, employment of this individual has been terminated. We deeply regret the activities that have taken place as they do not reflect the conduct we expect of our team members. We continue to place the highest value on honesty, trust and integrity to guide our team members in making business decisions each day.”

Comments (2)

  1. Submitted by Richard Schulze on 09/14/2009 - 09:46 pm.

    The previous owners of the beachfront home in Malibu Colony — a densely built stretch of luxury homes that has been a favorite of celebrities over the years — were financially devastated in Bernard Madoff’s massive fraud scheme.

    Sounds like the neighbors were upset by the commoners moving in next door. Here’s an idea, hold an open house every weekend and let hundreds of prospective buyers check it out.

  2. Submitted by Mark Gisleson on 09/15/2009 - 08:43 am.

    “Commoners”?

    Last I noticed, nearly all celebrities were folks from fairly common origins. Sure they weren’t just mad at seeing a banker using foreclosed property as a party house?

    For every Madonna with a fake British accent there are a dozen George Clooneys trying to make a positive impact. The right loves to mock movie stars but more charity comes out of Hollywood than Wall Street.

    But in all fairness, I’d say they’re tied for consumption of cocaine.

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