Decision Not to File Charges Against Countrywide Excec Mozilo Upsets Blogosphere!

From the New York Times article by Gretchen Morgenson.

Mozilo (From the LA Times)

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 Americapaid $45 million of Mr. Mozilo’s $67.5 million settlement, and he was responsible for the rest.
I was very unhappy about this, finding it difficult to believe there was no criminal conduct on his part.
But I am not the only one upset.

“All of these senior people got huge payouts and left behind the carnage, which has hurt many hundreds of thousands.”

From 4closureFraud.

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.

Women Born Transsexual

Is it not clear to anyone by now that it is men like this who, even with the penalties levied against them, are still sitting pretty with large bank accounts as American’s are still losing their homes? Tell me it was the American people’s fault for signing into hefty monthly payments….go ahead, I dare you.

The Tumultuous Times

Mozilo’s settlement with the S.E.C. was for a bit over 10% of his estimated net worth of $600 million. It was surely a good deal for him if he could avoid admitting guilt and, especially, escape being criminally prosecuted for fraud.

House of Bread

Last week, California’s new AG fined Mozilo roght around $6 million, if I recall, and I opined that were he to have forgotten his checkbook, he could likely pay the amount using change found in his car.

Foreclosureblues

Un-fucking-believable. It looks like the rich and corrupt can get away as long as they pay. Since this comes from the Eric Holder-led DOJ, I wouldn’t be surprised this was done to keep all those Democrats, who received sweet-heart deals, out of court records.

Scotty Starnes’s Blog

Countrywide Exec walks away with your money and no criminal charges

Your Daddy’s Politics

 

6 thoughts on “Decision Not to File Charges Against Countrywide Excec Mozilo Upsets Blogosphere!

  1. SteveG

    Although the evidence is strong, the courts are incapable of making a ruling. The rules favor litigants who can spend infinite amounts of money on their defense. Bank of America has so much money to pay for a defense, that there is no criminal charge that can ever reach a verdict. There is something wrong with that.

    Like

  2. The feds have a lot of resources and he had already paid a fine which had already primed the pan for prosecution so to speak. I was very disappointed. I thought multiple convictions for fraud were inevitable.
    James Pilant

    Like

  3. Joseph James

    Be late on a payment and they harass you to death yet these crooks and liars go their merry way. We talk about corruption in third world countries. Take a look in our own backyards. The poor will get poorer and the rich will get richer but someday they will pay.

    Like

Comments are closed.