Thank God the SEC is on our side

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bad_ptc
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Joined: 01/18/2006

“Countrywide Financial Corp. co-founder Angelo Mozilo and two other former executives have agreed to pay tens of millions of dollars to avoid a trial on civil fraud and insider trading charges.”

“Mozilo agreed to repay $45 million in ill-gotten profits and $22.5 million in civil penalties.”

“The civil complaint also accused Mozilo of acting on his inside knowledge of the company's precarious state when he sold shares between November 2006 and October 2007 ahead of its collapse, reaping more than $139 million.”

“Under the settlement, the three men did not admit wrongdoing.”

Contrywide, one of the largest of the “Sub Prime” lenders that helped to create the housing meltdown uses insider trading to make a quick $139 MILLION and then only has to pay $67.5 million back.

HE GETS TO KEEP THE OTHER $71.5 MILLION AND NO TIME SERVED!

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