From the New York Times article by Gretchen Morgenson.
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.
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.
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.
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.
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.
Countrywide Exec walks away with your money and no criminal charges
Pilant's Business Ethics Blog 
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