For an executive at the US bank Wells Fargo, a repossessed $12m beach house in southern California proved just too tempting. The financial institution has fired a top loans officer for using a luxurious Malibu property for a series of family getaways, culminating in a summer party at which guests arrived by yacht. The beach house, in an exclusive gated development where neighbours include the Hollywood actor Tom Hanks, fell into the hands of Wells Fargo when its owners lost their savings to the Wall Street fraudster Bernard Madoff, leaving them unable to service loans on the property.

Talk about adding insult to injury...

Wells Fargo fires executive who partied at repossessed Malibu mansion [Guardian]