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

[The Straight Story]

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

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.

http://www.allgov.com/Where_is_the_Money_Going/ViewNews/If_You_Can_Afford_to_Pay_67_Million_Dollars_You_Can_Stay_out_of_Jail_the_Case_of_the_Countrywide_CEO_101019

[Odin2005]

1. There is no justice in this country.

[hobbit709]

3. In the Halls of Justice the only justice is in the halls. ~Lenny Bruce

[KansDem]

4. Yes there is...

You just have to buy it now.

[hobbit709]

2. Money talks

a penny ante grifter would have got years.

[BlueIris]

5. Proud to be the fifth rec. nt

[yodermon]

6. Were these criminal charges or civil charges?

If civil charges, then jail time was never even on the table, correct?

[KeepItReal]

7. If he went to jail, the GOP couldn't blame Fannie Mae and Freddie Mac and Acorn

Think about it.

The last thing they want to admit is that corporations like Countrywide and Ameriquest (remember them?)
committed massive fraud.