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Coldwell agent clarifies comment

September 20, 2009

Re: "Tough stand on Malibu home," Sept. 12:

In a story about a Wells Fargo executive's alleged personal use of a bank-owned home, I was quoted as saying I saw no problem with a lender using a property "as some sort of a bonus. It makes sense. It's thinking outside of the box for Wells Fargo. They just hold on to it as an asset."

When I made the initial comments to the reporter, I did not know that the Wells Fargo executive was allegedly staying at the house without the bank's knowledge or consent, nor did I know that the couple who originally owned the home were Madoff victims.

While I regrettably spoke without complete knowledge of this case, I was not, in any way, condoning unethical or illegal behavior such as those discussed in the article. The idea of even suggesting that I and/or Coldwell Banker Residential Brokerage would endorse the misuse of corporate assets by a bank official for personal use is beyond appalling.

All agents at Coldwell Banker Residential Brokerage adhere to a strong sense of ethics.

Farrell "Burt" Bakman

Beverly Hills

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