Imagine how you'd feel if you were a victim of Bernie Madoff, and had just had your house repossessed by the bank. What would you then think if you discovered that a bank VP, who worked in foreclosures to boot, was allegedly using your former property at weekends, and hosting parties for his friends ?

Well, The Los Angeles Times reports that Cheronda Guyton, who is said to be a Wells Fargo VP responsible for commercial foreclosures, has been using a Malibu Colony home lost by Madoff victims for just that purpose. The newspaper quotes Michael Hoffman, executive director at the Center for Business Ethics at Bentley University, who said: 'For a business to allow this to happen in today's ethically charged climate is quite suicidal....(In view of the Madoff factor) it's like rubbing salt into the wounds of a national tragedy'.

And Reuters quotes Scott Levinson, from The Association of Community Organizations for Reform Now, who said: 'This is the ultimate example of dancing on the shattered dreams of the millions of Americans who've lost their homes. They should be ashamed of themselves'.

The bank has confirmed that its company policy prohibits the personal use of properties held by the bank, has said that it had launched an inquiry into the matter, and will 'take decisive action with respect to any team member who may have violated Wells Fargo's policies'.

In the meantime, The New York Daily News reports that Madoff's own East Side penthouse has now hit the market priced at $9.9m. The contents, which include a $40,000 Steinway piano, will be auctioned off separately.