From the BBC –

Angelo Mozilo will pay the Securities and Exchange Commission $22.5m (£14.1m) and repay $45m of profits.

He is the highest profile executive to face charges relating to the US sub-prime mortgage crisis in 2007.

The SEC alleged he, with two colleagues, had failed to disclose risks that Countrywide was taking.

The civil charges related to claims he had misled the market by falsely assuring investors that Countrywide was a prime quality mortgage lender that had avoided the excesses of its competitors.

From 2001-2006, his compensation was 470 million dollars.

This is what passes for justice.

This is supposed to send a message.

This is supposed to be a nation under laws.

This is rubbish.

James Pilant