Anchor ads are not supported on this page.

4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs

Mozilo Criminal Case Said Dropped

The brilliant Rolling Stone article by Matt Taibbi (see my post of Feb. 17, two posts down) has already proved prescient. Both the Los Angeles Times and New York Times are saying today (Feb. 19) that the criminal probe of Angelo R. Mozilo, former chief executive of Countrywide Financial, has been closed. The gist of Taibbi's article in the Feb. 16 Rolling Stone is that financial industry crooks essentially buy their way out of prison by paying fines that are a tiny fraction of their net worth. The Securities an Exchange Commission, Justice Department, and Wall Street lawyers are in on the scams. Here, in brief, is the Mozilo story: the Securities and Exchange Commission contended that he dumped $140 million of his Countrywide stock between 2006 and 2007 when he knew the company was failing. Emails had shown Mozilo saying that some of Countrywide's loans were "toxic" and "poison." But Countrywide kept selling such loans. Mozilo settled with the sEC for $67.5 million. Countrywide and Bank of America, which bought Countrywide, paid $45 million of the sum.

Writes Gretchen Morgenson of the New York Times, "The conclusion by prosecutors that Mr. Mozilo, 72, did not engage in criminal conduct while directing Countrywide wil likely fuel brad concerns that few high-level executives of financial companies are being held accountable for the actions that led to the financial crisis of 2008." Taibbi expresses the same sentiments in earthier words. San Diego's Gary Aguirre was quoted broadly in Taibbi's piece.

Here's something you might be interested in.
Submit a free classified
or view all

Previous article

SDSU pres gets highest pay raise in state over last 15 years

Union-Tribune still stiffing downtown San Diego landlord?

The brilliant Rolling Stone article by Matt Taibbi (see my post of Feb. 17, two posts down) has already proved prescient. Both the Los Angeles Times and New York Times are saying today (Feb. 19) that the criminal probe of Angelo R. Mozilo, former chief executive of Countrywide Financial, has been closed. The gist of Taibbi's article in the Feb. 16 Rolling Stone is that financial industry crooks essentially buy their way out of prison by paying fines that are a tiny fraction of their net worth. The Securities an Exchange Commission, Justice Department, and Wall Street lawyers are in on the scams. Here, in brief, is the Mozilo story: the Securities and Exchange Commission contended that he dumped $140 million of his Countrywide stock between 2006 and 2007 when he knew the company was failing. Emails had shown Mozilo saying that some of Countrywide's loans were "toxic" and "poison." But Countrywide kept selling such loans. Mozilo settled with the sEC for $67.5 million. Countrywide and Bank of America, which bought Countrywide, paid $45 million of the sum.

Writes Gretchen Morgenson of the New York Times, "The conclusion by prosecutors that Mr. Mozilo, 72, did not engage in criminal conduct while directing Countrywide wil likely fuel brad concerns that few high-level executives of financial companies are being held accountable for the actions that led to the financial crisis of 2008." Taibbi expresses the same sentiments in earthier words. San Diego's Gary Aguirre was quoted broadly in Taibbi's piece.

Sponsored
Here's something you might be interested in.
Submit a free classified
or view all
Ask a Hipster — Advice you didn't know you needed Big Screen — Movie commentary Blurt — Music's inside track Booze News — San Diego spirits Classical Music — Immortal beauty Classifieds — Free and easy Cover Stories — Front-page features Drinks All Around — Bartenders' drink recipes Excerpts — Literary and spiritual excerpts Feast! — Food & drink reviews Feature Stories — Local news & stories Fishing Report — What’s getting hooked from ship and shore From the Archives — Spotlight on the past Golden Dreams — Talk of the town The Gonzo Report — Making the musical scene, or at least reporting from it Letters — Our inbox Movies@Home — Local movie buffs share favorites Movie Reviews — Our critics' picks and pans Musician Interviews — Up close with local artists Neighborhood News from Stringers — Hyperlocal news News Ticker — News & politics Obermeyer — San Diego politics illustrated Outdoors — Weekly changes in flora and fauna Overheard in San Diego — Eavesdropping illustrated Poetry — The old and the new Reader Travel — Travel section built by travelers Reading — The hunt for intellectuals Roam-O-Rama — SoCal's best hiking/biking trails San Diego Beer — Inside San Diego suds SD on the QT — Almost factual news Sheep and Goats — Places of worship Special Issues — The best of Street Style — San Diego streets have style Surf Diego — Real stories from those braving the waves Theater — On stage in San Diego this week Tin Fork — Silver spoon alternative Under the Radar — Matt Potter's undercover work Unforgettable — Long-ago San Diego Unreal Estate — San Diego's priciest pads Your Week — Daily event picks
4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
Close

Anchor ads are not supported on this page.