Angelo Mozilo To Pay SEC $67.5 Million For Pesky Little Fraud Charges To Go Away

Author:
Publish date:

As part of the settlement, the regulator agreed to allow the Countrywide founder to drop the money in small denominations from his private jet, over a cattle ranch in Montana, where SEC staffers will have 30 minutes to scurry around picking up every ever last bill,** en route to a much needed visit to Fresno, where Moz likes to pop in every now and then for the ego boosts derived from thinking about how many people he and his associates fucked in town. [CNN Money]

**Gotta let him have a LITTLE fun, given how disproportionately harsh the sentencing was to the crime, which people can hardly even remember.

Related

News

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.