It is hard to believe this story specially in the midst of the global recession that many argue was triggered by the collapse of the housing and financial sectors in the USA, causing high unemployment rates unprecedented since the great depression, in the 1930s, and ravaging many key USA industries including the domestic auto manufacturing and its long chain of suppliers, in addition to further diminishing home values and damaging the housing industry and all its related financial services and products manufacturing for many years to come. Not to mention the additional trillions of dollars of national debt to bail out banks with very little tangible relief to distressed home owners, who should have been the target of these bail out plans in the first place not the banks that caused the global recession while spoiling their executives with billions of dollars of bonuses. It is certain that long-term financial strain will be passed on to next generations due to the failed government bail out plans.
The story as reported by The Associated Press and other sources is that a Wells Fargo senior vice president, responsible for foreclosed commercial properties, occupied a $12 million property in the exclusive Malibu Colony Beach gated community. This property was transferred to Wells Fargo on May 13, 2009 after it had been surrendered by its last owners to satisfy debts to Wells Fargo. The last owners were unfortunately victims twice, the first time by the Madoff investment scheme and the second time by Wells Fargo predatory practices. Malibu Colony is about 25 miles from downtown Los Angeles. The Malibu Colony community is a densely built stretch of luxury homes that has been a favorite of celebrities. The Malibu Colony beach house is seen in the photo below, it is the third house from left with a dark patio.
Although the last owners have signed the property over to Wells Fargo last May, the bank has denied requests to show the house to prospective buyers, which would raise many questions as to the motive behind that. Residents of the Malibu Colony community said the Wells Fargo executive and her family often hosted guests at the home, including a large party the last weekend of August.
While this is an example of local corporate corruption, the bigger picture is that the global recession should have been predicted and then remedied differently. The United Nations should have been proactive in forecasting the global recession and it should have been an active participant in its remedy. Unfortunately, the United Nations was again absent on both accounts.
M. Alaadin A. Morsy
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