This is why to big to fail should be outlawed.

http://www.huffingtonpost.com/2009/09/11/wells-fargo-exec-in-charg_n_283031.html

I agree.. No company is "to big to fail"...

Notice there's no proof of anything in that piece. It's potentially suspicious, but could easily have been some compensation/bonus/perk/whatever.

As long as she didn't do it under the table, I'm failing to see the scandal.

Notice there's no proof of anything in that piece. It's potentially suspicious, but could easily have been some compensation/bonus/perk/whatever.

As long as she didn't do it under the table, I'm failing to see the scandal.
That was my read of it. Isn't it owned by the bank, meaning do as you like with your property?

Poor taste, maybe.

The comments on that article are just... wow. It's like looking through the mirror at Osg's comments on anything-Obama.

I'm sure the people who originally bought that $12 million dollar house (they couldn't afford) are just working class stiffs who need some liberal sympathy! :rolleyes:

The story did also mention that there was a stipulation to keep the house off the market for some period of time. Realtors typically will stop in and maintain houses that are vacant that they are showing, just to keep the lawn watered, etc. Throwing parties goes a little beyond that, but using the house for parties doesnt cost the bank anything.

Yeah, but this isn't keeping the house off the market. This is a bank that owes taxpayers money not using a foreclosed house to get that money so some of their staff can use it as a party pad.

The deed and title to the house remain in the name of the homeowner until the house is sold at auction. This guy had no business doing anything in that house regardless of his position in the bank. I am quite amazed that people see nothing wrong with this...oh well...now we know why we are where we are as a country.

This is a bank that owes taxpayers money not using a foreclosed house to get that money so some of their staff can use it as a party pad.

The bank's agreement with the prior owner required it to keep the home – a 3,800-square-foot, two-story structure built in the early 1990s – off the market for a period of time

Without knowing what "period of time" was in the agreement, you can't really make that statement.

The deed and title to the house remain in the name of the homeowner until the house is sold at auction. This guy had no business doing anything in that house regardless of his position in the bank. I am quite amazed that people see nothing wrong with this.

When someone surrenders property to satisfy a debt, what exactly do you think that means? Like it's a play-date with foreclosure or something?

Without knowing what "period of time" was in the agreement, you can't really make that statement.


Sure I can. Off the market =/= "party house for your VP." Is it strictly illegal? I don't care. It's clearly unethical.

"Not using the house to get money" isn't unethical at all if it's due to the terms of the surrender contract.

Yes, I'm sure the entire point of that surrender contract was so that executives at the bank could make use of the house while their jobs were protected by Sanchek's taxes. Do the bank janitors get to make use of it too? How about the typing pool.

Maybe they're missing a great foreclosure timeshare opportunity ...

Would the tax payer be better off if the house sat empty? What's the difference?

Perks are common. Not everyone gets them equally. I still fail to see the scandal here, unless she did it under the table.

Pfft, that could so easily be nosy neighbors misunderstanding a bank VP showing the house to potential buyers. OMG, there was a big party at a forclosed house! It couldn't possibly have been an open house viewing! In my neck of the woods, the open houses on near beach multi million dollar property are catered and include an oyster bar, wine, cheese, etc. and the guest list is anyone with enough money to potentially buy the property.

Out of curiosity, didn't this person get fired?

Out of curiosity, didn't this person get fired?


Yes, just saw a report that Wells Fargo terminated her.

Not many people get fired by their companies for doing the right thing ...

I'm guessing that squatting in a foreclosed home was not on the list of executive perks at Wells Fargo.