TV News LIES

Thursday, Feb 11th

Last update05:20:13 AM GMT

You are here News Economy Biggest Fish Behind Financial Crisis Face Little Risk of Being Caught

Biggest Fish Behind Financial Crisis Face Little Risk of Being Caught

E-mail Print PDF

Angelo MoziloSo much for Angelo Mozilo taking the fall for the financial crisis. Late last week, word leaked out that Mr. Mozilo, who had co-founded Countrywide Financial in 1969 — and, for nearly 40 years, presided over its astonishing rise and its equally astonishing fall — would not be prosecuted by the Justice Department.

Not for insider trading. Not for failing to disclose to investors his private worries about subprime loans. Not for helping to create a culture at Countrywide in which mortgage originators were rewarded for pushing fraudulent loans on borrowers.

In its article about the Justice Department’s decision, The Los Angeles Times said prosecutors had concluded that Mr. Mozilo’s actions “did not amount to criminal wrongdoing.”

Just months earlier, the Justice Department concluded that Joe Cassano shouldn’t take the fall for the financial crisis either. Mr. Cassano, you’ll recall, is the former head of the financial products unit of the American International Group, a man whose enthusiasm for credit-default swaps led, pretty directly, to the need for a huge government bailout of A.I.G. There was a time when it appeared that there was no way the government would let Mr. Cassano walk. But it did.

And then there’s Richard Fuld, the man who presided over Lehman Brothers’ demise. Though he was the subject of an investigation shortly after the Lehman bankruptcy, it appears that prosecutors are moving on.

More...


Most Recent Related Stories...


Morgan Stanley to pay $3.2 billion to settle financial crisis-era charges

Morgan Stanley finedMorgan Stanley (MS.N) will pay about $3.2 billion to settle charges that it misled investors in...

SHELL: We'll cut 10,000 jobs

Shell to cut ten thousand jobsShell will cut 10,000 jobs in its merger with BG Group, and sell $30 billion (£21...

The World’s Favorite New Tax Haven Is the United States

US tax haven Last September, at a law firm overlooking San Francisco Bay, Andrew Penney, a managing director at...

Tax-dodging by superrich driving global inequality, Oxfam says

Oxfam: Super Rich tax dodging cauing global inequalityTax dodging by the super-rich is one of the main drivers of global income inequality and...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!