Blue Mass Group

Reality-based commentary on politics.

Who says “Crime doesn’t pay”?

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The Washington Post reported in 2008 that Mr. Angelo pocketed FOUR HUNDRED TEN MILLION DOLLARS in salary, bonuses, and stock-option gains between 1999 and 2008. At the time of this piece (January 12, 2008), he stood to gain an addition ONE HUNDRED TWELVE MILLION DOLLARS from the B of A acquisition.

So he’ll be paying less than 4.3% of what he took down since 1999.

From the 2008 piece:

His contract as chairman of Countrywide runs through the end of next year, and he is expected to continue as a non-employee chairman of the board until the end of 2011. During that time, he will receive a director’s salary, plus $200,000 a year, office space and the use of the corporate jet for business trips. His country-club dues will also be paid.

Even if Mozilo is fired as chairman, he would receive $400,000 a year to consult until the end of 2011.

Who says “crime doesn’t pay”?

This man, through his astonishingly callous greed, personally destroyed the lives of at least hundreds of thousands, if not millions, of American families.

I don’t know about anybody else, but I I think he ought to be incarcerated for felony fraud, and if the feds are going to let him cop a plea, I think his fine ought to be about 20% more than his entire personal net worth.

I think this sleazebag needs to be sleeping in a homeless shelter, knocking on doors to find work washing dishes to pay the remainder of what he owes the millions of people he screwed.

I think this sorry outcome exemplifies the deeply-rooted corruption that permeates our national culture.

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Comments

  1. “Never Steal Anything Small”  Such a timely post as we see this happen again and again.  Of course Mr. Mozilo didn’t do his work alone.  There are bureaucrats and politicians, lawyers and judges to pay, but surely he made more than $22.5 after expenses.  We The People merely exist to feed the wealthy and powerful.

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    p>Corruption is a shadow way of life.  People are still laughing about Harry Reid’s challenger’s question regarding where he got his wealth  Mr. Reid used the dodge of outrage, but the question could be asked of most politicians, any party.  No doubt getting the same outrage.  

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    p>It’s a dirty world.

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    p>  

  2. Clearly paid off for Angelo (and maybe for his friends, too).

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    p>Dodd and Conrad are the two largest names associated with the VIP program, but there may be more.  We may never know as Rep. Towns did not pursue the program in House Oversight.  There still remains criminal and other civil actions action Countrywide and Angelo, but after this “settlement” there are many questions:

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    p>1) Will the judge approve the settlement?  Judges have been far more active and activist in challenging SEC settlements over the last year.  With $45 million of this settlement being paid by Bank of America and its shareholders (twice what Angelo pays) will the judge determine that the fine is not commiserate with the offense?

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    p>2) Will individual state AGs join to sue Angelo as he has funds available to pay hefty fines, fines that would go to the states to help with their deficits?

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    p>3) Will Congress have the intestinal fortitude to pursue a real investigation into Friends of Angelo?  This is most certainly a bipartisan scandal that deserves a nonpartisan investigation and punishment.

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    p>4) Will this settlement get lost in the mortgage processing scandal that threatens the weak economic expansion?  Probably, unless Congress or the judge stand up to the regulators who did not and have not done their jobs this will disappear into the mess that is the Financial Collapse.

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    p>So it pays to have good friends in high places.

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