The Mozilo Method: Rob, Get Caught, Cut Deal, Die Rich

[marmar]

from the Working Life blog:



The Mozilo Method: Rob, Get Caught, Cut Deal, Die Rich

by Jonathan Tasini
Thursday 28 of October, 2010


We are missing part of the anger that I think cuts across the political spectrum--and it goes right to the question: why is Angelo Mozilo not going to jail for a very long time? Because the political system still is not willing to jettison our coddling of the vast array of people who committed deep economic crimes on the country and round them up and put them behind bars.

I meant to write about this when the deal Mozilo cut with the government was announced almost two weeks ago:

Angelo R. Mozilo, the former chief executive of Countrywide Financial, once the nation’s largest mortgage lender, agreed to pay $67.5 million on Friday to settle a civil fraud case brought by the Securities and Exchange Commission last year.

Countrywide itself is paying $20 million of Mr. Mozilo’s $67.5 million payment as part of an indemnification agreement he has with the company.

As part of the settlement, Mr. Mozilo, 71, also agreed to be permanently banned from serving as an officer or a director at any public company.

And:

Mr. Mozilo and his colleagues neither admitted nor denied the government’s charges. The payment by Mr. Mozilo will consist of $22.5 million in civil penalties and $45 million in disgorged stock profits... Bank of America has been paying Mr. Mozilo’s legal fees, and the $20 million Countrywide is paying on his behalf applies to stock profits he was forced to give up.(emphasis added)

This guy is a crook. He was a central player in the mortgage scam that has rocked our country and the world, causing millions of people to lose their jobs and their retirement. .........(more)

The complete piece is at: http://www.workinglife.org/blogs/view_post.php?content_id=15011