After Mozilo sold Countrywide, the most trash-filled piece of financial garbage to some rich fools who soon became parted with their money, many in the bubble blogosphere assumed that at the very least, some criminal activity had taken place by CEO Angelo Mozilo who had reaped more than $300 Million (yes, you read that correctly) in sale of his stock.
Imagine all of our surprise when not only did nothing happen, but we heard nothing of the matter whatsoever. What ever happened to financial fraud?
Well, at least the SEC had enough presence of mind to fine the crap out of him and get a settlement check. Hurry, quick, I would cash it right away, but don’t spend it all in one place, you might need to hire some people to investigate all of the other financial frauds you’re responsible for finding. (Madoff, Stanford, etc)
Actually, I just hope they don’t blow it all on gold-plated toilets and Porn Parties.
Either way, I’m glad to see SOMETHING happen. Couldn’t happen to a nicer guy, too.
Fines are just part of the cost of doing business now. They’re factored in when calculating profit margins.
You are kidding right? Mozillo was not fined that bad. Collapse an economy and pay the troll toll.
“Chuck Ponzi says:
October 5, 2010 at 9:41 am
The option arm tsunami has been stretched and flattened with near zero interest rates. There will be high foreclosures for a long time, but inflation heals many wounds.”
About a year and a half ago, I made that very same argument to you on another blog (im guessing JTRs). At the time you vehemently disagreed with me, saying it was just a matter of time til those hit with such massive force as to cause another monumental leg down. I remember at the time thinking, “he is so terribly wrong about this – how does he not see this – is he just being obstinate”???
Either way, glad to see you came around on this issue – a year and a half late is better than never…