SEC charging ex-Countrywide CEO Mozilo with fraud

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WASHINGTON – Federal regulators on Thursday charged Angelo Mozilo, the former chief executive of fallen mortgage lender Countrywide Financial Corp., with civil fraud and illegal insider trading in a prominent case arising from the financial meltdown.
The Securities and Exchange Commission also accused two other former executives of Countrywide of civil fraud, saying they and Mozilo "deliberately" misled investors about the risks the company assumed in its aggressive drive for a share of the booming mortgage market.
The SEC's civil lawsuit was filed in federal court in Los Angeles, naming Mozilo, Countrywide's former chief operating officer David Sambol, 49, and ex-chief financial officer Eric Sieracki, 52.

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http://news.yahoo.com/s/ap/20090605/.../us_sec_mozilo

Exposing a symptom of the "selfishness" some applaud?

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Originally Posted by jams

http://news.yahoo.com/s/ap/20090605/.../us_sec_mozilo

Exposing a symptom of the "selfishness" some applaud?

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Who needs any of those damned liberal socialist regulations, when unfettered free market capitalism does such a bang-up job policing itself??

Attachment 1555

And he is/was?? Go on, guess.....that's right a liberal with a money trail to Chris Dodd, Barney Frank, and others of that liberal ilk in Washington. These politicians are just as,if not more so, to blame, but are throwing Mozilo under the bus as a decoy.

Maybe he and Madoff can start a penitentiary based democrat PAC organization?