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Hundreds of billions of dollars have been lost by investors while millions of borrowers have lost their homes. Few of the people who ran the institutions that contributed to the disaster have been found liable.
Criminal Inquiry of Mozilo Said to Be Dropped - NYTimes.com
Seeded on Sun Feb 20, 2011 6:55 AM EST
Article Source: The New York Times- Enjoy this article? Help vote it up the 'Vine.
- Public Discussion (7)
Even as criminal and civil prosecutors are closing investigations into financial executives, private litigation is swelling. Investors who purchased dubious mortgage securities are bringing a wide array of cases against mortgage lenders and the Wall Street firms that enabled them. These investors maintain, citing internal documents and e-mails, that those putting together mortgage securities knew that they contained problematic loans that would likely fail.
By all means go after the Federal, State & County workers when these are the real b.astareds that brought our economy to it's knees....I hope they get sued unitl their heads explode...
- 1 vote
#1 - Sun Feb 20, 2011 6:58 AM ESTMr. Mozilo sold $140 million in Countrywide stock between 2006 and 2007 even as he recognized that his company was faltering. Countrywide and Bank of America paid $45 million of Mr. Mozilo’s $67.5 million settlement, and he was responsible for the rest.
$140M - $22.5M = $117.5M
Crimes DOES pay!
Welcome to the new kleptocracy.
- 1 vote
Crimes DOES pay!
White collar crime anyway. Last night on Cops. Three teens pulled over in Cook County IL. for failure to signal. Eight to ten cop cars maybe a dozen cops bust them for a dime of pot. Tow the kids car and arrest all three. Then people wonder why the jails are overcrowded, the courts are slammed and violent crime runs rampant.
The problem is the public prosecutors are all trying to eventually get good jobs in the private sector..Just look at the record almost ZERO bankers ever go to jail ,but the public just loses billions in real estate value and huge percentages of their retirement savings. The fat cats pay a fine that is never enough to change their lifestyle. Who says we do not have royalty in this country.
#2 - Sun Feb 20, 2011 10:08 AM EST From the time I was a young man . I drove past many a mile of commercial , industrial , residential real estate and wondered how I might grab hold of the riches that sit there . Life eats you up and spits you out and you never get a taste of what a few get a hold of .
The few learn how to take a small hand full of money and turn it into billions . They do this by words . Words spoken , words written . Trickery of words . Trickery of contracts and agreements . Trickery of laws .
Having worked where corporate raiders gained control of two jobs I've had . I know well how they use trickery , to steal billions . How they use words to achieve this .
The cops put a kid in jail for stealing a candy bar . While these people steal the ownership of hundreds of thousands of homes . It's their legal reward for their trickery of the use of words .
Reading this article , and making my comment . I find my words depressing .
RON
#3 - Sun Feb 27, 2011 11:58 AM ESTHeard on an old episode fo Law & Order...Fred Thomson (former Republican Senator) turned actor said..."greed is the backbone of big business"....
But this is an example of where big business has lost its heart . Having no feeling for the one's it serves .
RON
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