“All of these senior people got huge payouts and left behind the carnage, which has hurt many hundreds of thousands.”
By GRETCHEN MORGENSON
Published: February 19, 2011
Federal prosecutors in Los Angeles have dropped their criminal investigation into Angelo R. Mozilo, the former chief executive of Countrywide Financial, once the nation’s largest mortgage lender, according to a person with direct knowledge of the investigation.
The closure of the case after two years of inquiry follows last October’s settlement by Mr. Mozilo of insider trading allegations made by the Securities and Exchange Commission. Regulators had contended that Mr. Mozilo sold $140 million in Countrywide stock between 2006 and 2007 even as he recognized that his company was faltering. Countrywide and Bank of America paid $45 million of Mr. Mozilo’s $67.5 million settlement, and he was responsible for the rest.
Without admitting or denying wrongdoing, Mr. Mozilo agreed to be banned from serving as an officer or a director of a public company.
Really? I mean really? He AGREED to be banned from serving as an officer or a director of a public company?
Why on earth would this man ever need to work, let alone serve as an officer or director of a company after looting the nation of billions of dollars and getting away with it?
Justice is Dead…
The conclusion by prosecutors that Mr. Mozilo, 72, did not engage in criminal conduct while directing Countrywide will likely fuel broad concerns that few high-level executives of financial companies are being held accountable for the actions that led to the financial crisis of 2008.
Hundreds of billions of dollars have been lost by investors while millions of borrowers have lost their homes. Few of the people who ran the institutions that contributed to the disaster have been found liable.
Check out the rest here…
What, you thought it would turn out different?