Posted on 09/11/2009 9:17:21 AM PDT by Bubba Ho-Tep
Bernard L. Madoff's massive fraud stunned some of the wealthy denizens of Malibu Colony, especially when a couple devastated by the scheme surrendered their oceanfront home to Wells Fargo Bank.
But some neighbors say the real shocker came when they saw one of the bank's top executives spending weekends in the $12-million beach house and hosting eye-catching parties there. What's more, Wells Fargo spurned offers to show the property to prospective buyers, a real estate agent said.
(Excerpt) Read more at latimes.com ...
If the exec was using the house for free, wouldn’t that be somewhat like getting free limo service. In other words, wouldn’t he/she incur tax liability for the value of the free use?
LOL! But we need never fear the “free market.” If we just get gov’t out of the picture everything will be just peachy.
parsy, who is laughing at the anarcho-capitalists
Look, people should be smart enough not to give their money to crooks...not to take unsafe medications...not to drive dangerous vehicles...not to work in hazardous conditions...the list goes on. If any of those conditions exist, the great big piles of dead people will be warning enough to others to stay away, and the free market will correct the problem.
if you look at the pict my wife and I used to live in the house behind this house with the red car parked between it. We were nannys for a Godless family. Tom hanks lived across the street. Sting down the street. Brian keith a few doors down, ( he just sat in his garage in a lawn chair drinking all day.
Guy made his fortune on Smurfs, of all things. He was head of the company that had the US license when they hit big.
I hear they've managed the loss okay. Gave up the Malibu place and a big house in Encino and moved to a nice high-rise apartment. Still plenty of assets to live comfortably.
The bank owned the house. I see no problems here.
I have no problem with this as long as it is legal for me to:shoot the crooks trying to defraud me of my money; shoot the person selling me unsafe drugs; shoot the person selling me an unsafe vehicle, and shoot the person creating hazardous conditions where I work.
The great big pile of dead people will be a warning to others and the problems will be corrected.
Sounds like an average Saturday in my neighborhood! Did he have a big-screen tv in the garage to watch NASCAR?
In what way are you harmed by a bank employee’s using a house owned by the bank?
He committed suicide there in 97. (I don't know if it was the garage specifically, but it was the house).
The same way I got harmed when King David “saw her bathing on the roof” and sent her husband off to die.
parsy, who says this is a very deep and profound response in case you didn’t know
The article also states that it's an ethics violation at the bank.
Here’s hoping they have no deficiencies to make up on the eventual sale of the home. They probably need to be contacting an attorney to look at three types of lawsuits: 1) Intentional interference with contractual relationships; 2) conversion; 3) Breach of fiduciary responsibility.
Maybe the bank employee has insurance. If not, should take Wells Fargo out of any deficiencies.
parsy, the helpful
No it won’t. The free market will put a patch on it. You will just have dead people. You will have a lot more dead people if you get tort reform. History repeats itself. Look up the “Gilded Age.” Look up what Reagan said about the need for a “big brother” to keep businesses in line.
parsy, who says those who do not learn the lessons of history will be doomed to re-learn them.
“The bank owned the house. I see no problems here.”
I don’t want to be sarcastic, but have you ever considered a job at the SEC?
parsy, who hopes he has stayed on the polite side of “snide”
I was being sarcastic. But of course, if we’re just free to shoot each other, everything will be ok.
Ping for later
“Shoot” ‘em with a hired gun, i.e., a lawyer. Money judgments tend to get an evildoer’s attention.
parsy, who says sue, sue, sue
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