Monday, October 18, 2010, AM | 5 Comments
Who the f****** shit is Angelo Mozilo? You know, we often never hear about some executives and we don’t know “nothing” about them til we read in the paper either they settled out of court [whatever that means – my friend from the 60s says it means NO JAIL] or they were tried, convicted and sent to jail. We are told that in 2007, Countrywide Financial Corp (CFC) was worth more than $25 billion but a year later Bank of America bought it for $2.5 billion. Talk about bargain.
A year before BofA bought it, CFC was flying high. It seems now that it was flying high not on truth but on lies from the beginning til its demise when BofA changed CFC name and merged it in their business, never to be heard from again. The former chief was accused of embezzlement the company’s money. That means he along with two other executives pocketed money that never belonged to them.
What kind of people would pocket money in millions that does not belong to them? Only scums, crooks and schmucks. We don’t know them til we know that they are thieves and robbers. And you know what? They have built mansions and drive in chauffeured limousines on the backs of the financially dead but otherwise decent and respected folks.
The problem is that some have no remorse and no regrets. The chief scumbag Mozilo will pay $22.5 million civil penalty, plus $45 million in disgorgement. The disgorgement relates to proceeds of Mozilo’s sales of Countrywide stock. Mozilo was once one of the best-paid U.S. corporate executives. So far it seems that the three schmucks would avoid jail. Madoff went to jail for 150 years because he deceived the rich whereas these three crooks deceived the relatively poor.
The watchdog, otherwise known as SEC, contends Mozilo made nearly $140 million by dumping Countrywide stock before the truth emerged. The out of court settlement would cost the chief a total of $67.5 million. What happens to the difference of $72.5 million? Who knows?
Now you gotta ask yourself a question. Did he fire six shots or only five? You know in all this excitement, SEC forgot.
In a Nutshell
I read this news yesterday. Today is still a little early. The court is not in session yet. We might know about another scum by the end of the day. Tomorrow there will be another such story. Where and when is it gonna end? And tomorrow is another day the court never plans. Stay tuned folks!