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In Which I Blame Madoff’s Victims

This week Wells Fargo fired SVP/Head of Commercial ORE Cheronda Guyton for having installed herself in a foreclosed Malibu beach house previously owned by a pair of Bernie Madoff victims.

Ms. Guyton is certainly guilty of poor judgment in this instance. At the same time, I can’t help seeing her as a victim of circumstance to a large degree. At bottom the story contains two combustible elements - a large bank that received billions of taxpayer dollars in possession of  foreclosed home, and a pair of displaced Madoff victims.

In a way, Ms. Guyton's responsibility for her situation parallels the complicity of many if not most of Madoff's victims in their own swindling: