In case you missed in the Friday night news dump included the fact, (while we are all busy being fake Egyptians in Wisconsin, the the MSM isn't even pretending to cover) that without a doubt, one of the biggest crooks of them all, who is directly responsible for this new national and international Depression the world is experiencing, is getting off with, another tiny slap on the wrist.
The correlation as to how Richard Trumka led huge march on Wall Street a few months ago, which included this basic theme, we all know to be true:
"Wall Street, you broke it you fix it.' It falls on the continuation, of not one single 'big player' in our nation being held accountable who knowingly destroyed our economy and got away with millions, so the duplicity stinks and the American people know this.
I find it rather curious to see that all of a sudden President Obama is standing behind the Unions of Wisconsin, when dare I ask:
Yo, President Obama, how is that renegotiation going on between the USA and NAFTA, and how about the new Korea negotiations? Oh, right, crickets. Got it.
Back to the Friday news dump on Mozilo - a little history first:
WASHINGTON -- Federal regulators on Thursday charged Angelo Mozilo, the former chief executive of mortgage lender Countrywide Financial Corp., and two other company executives with civil fraud. The Securities and Exchange Commission's civil lawsuit, filed in federal district court in Los Angeles, also accuses Mozilo of illegal insider trading. Countrywide was a major player in the subprime mortgage market, the collapse of which in 2007 touched off the financial crisis that has gripped the U.S. and global economies.
Mozilo, 70, is the most high-profile individual to face formal charges from the federal government in the aftermath of the crisis. He has denied any wrongdoing and Mozilo's attorney on Thursday called the SEC's allegations "baseless." Civil fraud charges also were filed against Countrywide's former chief operating officer David Sambol, 49, and ex-chief financial officer Eric Sieracki, 52.
The trio "deliberately misled" Countrywide shareholders, SEC enforcement director Robert Khuzami said at a news conference at agency headquarters. While they painted a picture of robust performance, the real Countrywide was "buckling under the weight" of soured mortgage loans, he added. Mozilo "was actively taking his own chips off the table" by selling his shares to reap nearly $140 million in illicit profits, Khuzami said.
http://www.cleveland.com/...
Let me put it this way, Mozilo makes Joe Cassano from AIG (who was also let off the hook, by AG Holder) look like a cheesy little back alley 'craps' player. Mozilo makes Bernie Madoff, look like one of those guys fishing out 'tin cans' you see in your neighborhood, in the garbage.
Mozila is more on the same leverage as the Big, Big Players, and what did he get?
Angelo Mozilo, former CEO of CountryWide Financial was fined $67.5 million to settle charges of insider trading and civil fraud. Of this, $45 million or 66% will be paid by Bank of America, who acquired the toxic asset and must now indemnify the former head. As I mentioned back in early 2007, CountryWide insiders were dumping stock as fast as they while simultaneously publicly pumping it. Mozillo made about $134 million from insider trading and then another $100 million on the sale of the company to Bank of America. Having profited over $200 million, being fined a mere $22.5 million doesn't seem like much of a punishment.
Of course, being a CEO of a major US financial institution seems to provide immunity against any wrongdoing. Now and then, the SEC will prosecute someone to make an example of them, but the most part you can get away with far more than the average white collar criminal.
Meanwhile, Bank of America's stock has been whacked this year, down 20% year to date. If Bank of America really did buy Countrywide for the tax losses, this investment just got better!
Read more: http://www.benzinga.com/...
Oh, such a deal !!!!!!!
Just about every single big time player, not to mention the 'little players' the continuing 'revolving door' between the SEC, the NYSE, the Federal Reserve, the Big Boys Club, (Goldman Sachs, and JP Morgan, AIG, Lehman Brothers) who knowingly crashed our economy, then managed to get 'paid off and bailed out for doing so, working arm and arm in a complicit cover up that also included all 3 branches of our own government is now what? Surprised at the outcome in our own nation.
Shit, god bless the Egyptians and other middle east nations. Right on. I for one honestly believe, that as we watch the direct results of how Iceland, Greece, Ireland, now Spain and Portugal are falling apart, that are losing what we same Americans are losing: our homes, our jobs, our pensions, to pay for the fucking criminals who have gotten away with economic terrorism, as sanctioned by our so called 'elite Neo-Liberal Cons,' that guess what: Surprise Surprise.......the middle class and poor have had it and its about damn time.
Why are we even wondering why as the new 'gambling casino': the food prices and communities are leading to world wide disruption and civil unrest? Why are we even wondering how dare, we pay another $ 170 billion dollars to that fucking black hole of the complete corruption of Afganistan, for the MIC, as we cut oil subsidies to the elderly in our nation, who will just fucking freeze to death, as they are eating....oh right.........................CAT FOOD.
Thanks to my dad and uncle Jack, I believe in the great works of Martin Luther King, Jr. and Gandhi. I believe in peaceful marches.
But this continual duplicity and bullshit that President Obama and his AG Holder, keeps feeding us, is nothing more than another 'letting all those that destroyed out nation' get away freely, while the rest of us are being driven into poverty, is being ignored, that is what I call 'bullshit' and when push comes to shove.
So here is the final deal, that this blatant criminal is getting off with:
Federal prosecutors have shelved a criminal investigation of Angelo R. Mozilo after determining that his actions in the mortgage meltdown — which led to $67.5-million settlement against him — did not amount to criminal wrongdoing. As the former chairman of Countrywide Financial Corp., Mozilo helped fuel the boom in risky subprime loans that led to the crippling of the banking industry and the near-collapse of the financial system. A federal grand jury in Los Angeles began probing Mozilo in 2008, and four months ago he agreed to pay a $22.5-million fine and to repay $45 million in what the government said were ill-gotten gains to former Countrywide shareholders. The payments settled a civil action by the Securities and Exchange Commission.
Mozilo and others involved in the mortgage boom "should go to jail," said Bruce Marks, founder of the nonprofit Neighborhood Assistance Corp. of America, which provides counseling to homeowners facing foreclosure. "And they should throw away the keys," Marks added. "By not prosecuting them you have blessed their activities and allowed them to continue," he said, contending that many former originators of abusive loans are now buying up foreclosed properties for cash. Along with avoiding criminal charges, Mozilo also escaped paying two-thirds of the SEC settlement. Though he was required to come up with the $22.5-million fine himself, Bank of America and insurance companies covered the $45 million in restitution to shareholders.
The SEC accused Mozilo and former Countrywide executives David Sambol and Eric P. Sieracki of downplaying the risks of subprime and other high-risk mortgages they were writing to homeowners and selling to investors. E-mails released by the SEC quoted Mozilo denigrating various risky loans that Countrywide and other lenders provided, especially subprime mortgages that didn't require down payments from borrowers who had abysmal credit.
http://www.latimes.com/...
This rat bastard Mozilo was no less that one of the Great White Sharks, that willingly and knowingly destroyed our entire national economy then got paid off for it, no different than Robert Rubin did with Citigroup with his $ 126 million take off the top. These huge White Sharks are being full 'let off the hook' by all 3 branches of our government (4 if you count the men behind the curtain, Greenspan and Bernanke), so you'll excuse me................
if I find President Obama's recent support for the Unions in Wisconsin, as somewhat questionable at best.
Again, so Yo, President Obama, how is that renegotiation going on with NAFTA and the new one with Korea working out for us, as you let all these White Sharks off the hook?
Just asking is all...
Without accountability, without a moral compass, with the consent of the people, we have no real Democracy. What part of that don't we get yet?
Ms. B.