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WSJ: SEC Staff Recommending Filing Civil Fraud Charges On Angelo Mozilo's Ass


Potential charges apparently include "alleged violations of insider-trading laws as well as failing to disclose material information to shareholders." No comment from the Countrywide founder's representation, or Moz himself, who has reportedly barricaded himself in a local Mystic Tan.
Will BAC be on the hook for those sweet legal fees? A reader believes so! "And if I remember correctly Ken Lewis (aka his shareholders) was a schmuck and agreed to cover all of Angelo's legal costs, which would probably include civil charges."


Angelo Mozilo: Countrywide Was The Cadillac Of Mortgage Lenders

In June 2008, Countrywide founder and CEO Angelo Mozilo stood before a group of CFC shareholders and, through salty tears, told them that Bank of America would "reap the benefits of what we have sowed." He wasn't kidding, and in the 4+ years since Ken Lewis paid $4 billion for the place, BofA has had the pleasure of ponying up an additional $40 billion (and counting) in write-downs and legal fees associated with cleaning up Countrywide's messes, while CEO Brian Moynihan has publicly described the acquisition as an albatross around his neck. Additionally, Ang Moz forked over $67.5 million in 2010 to "resolve SEC claims that he misled investors," and separately, there has been talk by some that Countrywide contributed in no small way to the worst financial crisis since the Great Depression. In light of all that, does Ang Moz, have any regrets about the way his company was run? Not a fucking one and if he had to do it all over? He wouldn't change a thing.