Countrywide CEO Angelo Mozilo walks! Feds drop criminal probe.

[dixiegrrrrl]

This is so beyond disgusting.

LOS ANGELES — Federal prosecutors have ended a criminal investigation of Countrywide Financial Corp. co-founder Angelo Mozilo, a person close to the investigation said Friday.

The federal official told The Associated Press that the probe launched in 2008 into the actions of the former chief executive of the housing giant during the mortgage meltdown has been closed with no indictments. The person spoke on the condition of anonymity because the investigation was never publicly announced, and the Department of Justice as a policy does not announce the closing of investigations.

In October, Mozilo agreed to a $67.5 million settlement to avoid civil trial on fraud and insider trading charges brought by the Securities and Exchange Commission, but prosecutors pursuing the criminal case against him found that his actions did not amount to crimes.
The SEC’s charges alleged that the 72-year-old Mozilo and two other former Countrywide executives who also settled profited from doling out risky mortgages while misleading investors about the dangers.
http://www.bostonherald.com/business/real_estate/view/20110219source_feds_drop_criminal_probe_against_angelo_mozilo/srvc=home&position=also

So, fraud is no longer a crime. "Misleading investors" is not a crime.
DOJ, bought and paid for.

[RKP5637]

1. I guess our notion of what justice was is out the window. Now anything goes if

you have the $$$$. How can anyone walk away with a notion other than DOJ bought and paid for.

[dixiegrrrrl]

2. Matt Taibbi described in a recent article:

"a four-step system for banks and their executives to buy their way out of prison. "First, the SEC and Wall Street player make an agreement on a fine that the player will pay to the SEC," Aguirre says. "Then the Justice Department commits itself to pass, so that the player knows he's 'safe.' Third, the player pays the SEC — and fourth, the player gets a pass from the Justice Department."

http://www.rollingstone.com/politics/news/why-isnt-wall-street-in-jail-20110216?page=5

And he is right..we have watched it over and over and over again.

[upi402]

3. Friends of Angelo

smell like fish.

Thanks Matt and dg.
It would be nice to know less of what Justin Beiber thinks and more about this stuff.

[CanonRay]

4. There is justice, just not for the rich

We've already lost the class war folks.

[howaboutme]

5. Taibbi is the only voice on this

Our corrupt media are cronies in cahoots with Wall Street and others in the financial sector. There must be a reason by they wish these financial people to keep all their money, power and influence, while average Americans are having the screws turned on them.

There can be no other reason why there hasn't been a daily drumbeat of outrage from the press on the blatant unfairness of it all.

We're about 10 years past due for a display of an Egyptian type man /woman on the street demand that cleanses the scum from power, and when it happens it ain't gonna be nice. The political leadership is continuing to divert the blame from the greed to those of average means.

http://www.youtube.com/watch?v=acLW1vFO-2Q