DAMN SHAME / Politics and all that jazz / Serious Shit

If You Can Afford to Pay $67 Million, You Can Stay out of Jail…the Case of the Countrywide CEO

Why isn’t Angelo Mozilo in jail?!

Noel Brinkerhoff of Allgov.com writes; “Dubbed the worst of the worst who helped cause the financial crisis, Angelo Mozilo has agreed to a settlement with the U.S. government for leading mortgage lender Countrywide—and a large part of the housing market—into turmoil.  But the penalty—which doesn’t include jail time—isn’t quite so large when compared to the amount of money Mozilo made while serving as CEO of Countrywide, once the nation’s largest mortgage lender until its risky business practices led to collapse and a Bank of America takeover.  Without admitting guilt to charges brought against him by the Securities and Exchange Commission, Mozilo agreed to fines totaling $67 million—of which he will personally pay $22.5 million.  This amounts to 16 cents for every dollar he made through fraud and insider trading, or $141.7 million, according to The Center for Public Integrity. The other $45 million in penalties will be paid to former Countrywide shareholders.  But Mozilo won’t foot this cost.  Instead, it will be paid by Countrywide’s insurers and by Bank of America“.  Get ready for the increase in your monthly fees all of you Bank of America suckers customers!  The corruption is obvious from so many sides, yet no one goes to jail.  SMH.  This is the ‘corporate america’ that we have allowed.

2 thoughts on “If You Can Afford to Pay $67 Million, You Can Stay out of Jail…the Case of the Countrywide CEO

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