ethics in the news shawn schubert

Ethics in the news - Egoism The Vice President and the bank acted with no regard to the previous owners and only looked to benefit themselves at

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Shawn Schubert Wells Fargo exec used Malibu Colony home lost by Madoff-duped couple, neighbors say
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The Home The home the Elinses occupied is a sleekly modern, 3,800-square-foot, two-story structure built in the early 1990s by clothing designer Nancy Heller. Its huge glass windows look out
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Causes Lawrence and Linda Elins bought a 12 million dollar home. Refinanced the home through Wells Fargo for 3 million. Could not afford payments so the house was repossessed.
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What Most Banks Do Most banks foreclose on the property after the owner fails to pay. They then hold an auction or sale the house to the person with the highest offer. They use that money to settle the debt, and to turn a profit.
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What Wells Fargo Did They Foreclosed the house The Senior Vice President Guyton Moved in They refused to sell the house And parties were thrown every weekend. One of these parties even
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Ethical Theory 1
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Unformatted text preview: Egoism The Vice President and the bank acted with no regard to the previous owners and only looked to benefit themselves at owners expense. Refused offers from would-be home owners and kept the property for themselves as a summer residence. Ethical Theory 2 Social Contract Theory The bank had an enforceable contract that allowed them to take the house. However, as a society we know that is socially accepted that after the house is foreclosed on it is sold to recover the banks losses and to ease the ex homeowners debt to the bank. Sources Reckard, E. S., & Sarno, D. (2009, September 11). Wells fargo exec used malibu colony home lost by madoff-duped couple, neighbors say. Los Angeles Times, http://www.latimes.com/business/la-fi-ma Rachels, S. (2009). The elements of moral philosophy. McGraw-Hill HumanitiesSocial SciencesLanguages...
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This note was uploaded on 03/27/2012 for the course FINA 1307 taught by Professor Friday during the Spring '11 term at Texas A&M University, Corpus Christi.

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Ethics in the news - Egoism The Vice President and the bank acted with no regard to the previous owners and only looked to benefit themselves at

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