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View Diary: If Bank of America Did Nothing Wrong, Why is it Paying Fannie Mae $12 Billion? (21 comments)

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  •  It is WIDELY acknowledged that Countrywide... (3+ / 0-)
    Recommended by:
    Sandino, 3goldens, Nailbanger

    ...CEO Angelo Mozilo, and many other senior executives of the firm, committed fraud. Of course, when it comes time to acknowledge this in the court papers, they "neither confirm or deny" that. Of course, if you think an individual (Mozilo) paying somewhere in the neighborhood of $75 million in personal fines was for parking tickets (much of which he was reimbursed by BofA, due to the terms of his employment contract, as are so many of these senior executives), then you're living in an alternate universe.

    "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

    by bobswern on Mon Jan 07, 2013 at 09:15:19 AM PST

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    •  Mozilo was indicted but settled during the trial (1+ / 0-)
      Recommended by:
      virginislandsguy

      and they only got him for stock manipulation/insider trading - that $75 million.

      And Mozilo was the sleaziest of the lot.  They really wanted him but failed.

      Very similar to Franklin Raines in the end.

      "The way to see by faith is to shut the eye of reason." - Thomas Paine

      by shrike on Mon Jan 07, 2013 at 09:27:07 AM PST

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      •  Your comment does Raines a disservice. (4+ / 0-)
        Recommended by:
        Sandino, 3goldens, allenjo, Nailbanger

        The REALITY is that no senior executives of the TBTFs have been prosecuted (criminally); therefore, none are serving--or have served--any jail time. Period.

        "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

        by bobswern on Mon Jan 07, 2013 at 09:48:41 AM PST

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        •  No Prosecutions of Top Figures (3+ / 0-)
          Recommended by:
          3goldens, bobswern, KenBee

          And now we do have this different set of rules for bankers......

          We all know that Wall Street is living high on the hog as far too many on Main Street are still struggling to survive.

          These continuing of no criminal prosecutions, only these  slaps on the wrist and fines, without admission of wrong doing, each is a slap in the face to every person struggling - this 2 tier level of what passes on justice in the US today.

          In Financial Crisis, No Prosecutions of Top Figures
          “It’s consistent with what many people were worried about during the crisis, that different rules would be applied to different players.It goes to the whole perception that Wall Street was taken care of, and Main Street was not.”

          "Who are these men who really run this land? And why do they run it with such a thoughtless hand?" David Crosby

          by allenjo on Mon Jan 07, 2013 at 10:05:39 AM PST

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