S.E.C. Accuses Countrywide’s Ex-Chief of Fraud - NYTimes.com.
Angelo R. Mozilo, the self-made man from the Bronx who built Countrywide Financial into the nation’s largest mortgage lender before the credit squeeze hit, has been charged with securities fraud and insider trading in a civil suit brought by the Securities and Exchange Commission.
Citing e-mail messages in which Mr. Mozilo referred to Countrywide loan products as “toxic” and “poison,” S.E.C. officials said that he had misled investors about growing risks in the company’s lending practices from 2005 through 2007. During this time he also generated $140 million in profits by selling stock in the company, the S.E.C. said.
About time.
Why nothing similar here?
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Hi Richard
I think this kind of thing is what Michael Hudson predicted in the radio interview I referred you to (Financial Barbarians at the Gate http://informationclearinghouse.info/article22490.htm).