Now that all the money is safely offshore, and the Countrywide mortgage operations are tucked into Bank of America, will Countrywide’s founder Angelo Mozilo be used as one of the whipping boys to tell the ‘official story’ of the mortgage bubble?
While holding Mozilo accountable will provide entertainment and affirm the system, crime that pays is crime that stays. The folks who engineered this mess get to keep their mortgage bubble and bailout profits and the operation lives on to make them money and blow more bubbles another day.
SEC Staff Recommends Civil Fraud Charges Against Mozilo of Countrywide
Los Angeles Times (14 May 09)
AG Settles With Countrywide in Subprime Crack-down
The Times Online (14 May 09)
‘Toxic’ Lender Countrywide Being Rebranded; 4 LI branches Affected
News Day (27 April 09)