I don't mean to sound cynical (which I am), but has anyone in the mainstream media bothered to ask: why did the SEC decide to settle with Mozilo this week? After all, the fraudclosure scandal has turned into the mother of all subprime political heartburn episodes and the O Team must be desperate to show how it is Johnny on the spot. Election day is just two weeks away folks.
If you want my opinion, a $67.5 million settlement is really chump change when you consider all the hardship this guy can call his very own personal handy work. I don't want chump change, I want a trial!!
How can we restore confidence in our capital markets when the regulators are perpetuating the calculus of fraud (T-F=ME Where: T=The Full Take F=Settlement Fines ME=My End)?
And what important purpose prevented them from settling with Martha Stewart?
[Update: A reader correctly points out the piece de resistance, "most of Mr. Mozilo's financial obligations likely will be paid by Countrywide's current owner, Bank of America Corp., as part of indemnification agreements it has with former officers. Countrywide was sold to BofA as it was collapsing in 2008" (source WSJ)].
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BANKING IN AMERICA
(Living in America, James Brown)
Yeah, uh! Get up, now!
Ow! Knock out this!
Ponzi schemin, coast to coast,
Easy stealin money everywhere
Feelin the transcontinental debt load,
Just get behind the Federal handout deal
How does it feel
When there's no fraudulent innovation - that goes too far
And somewhere on the way,
you might find out how freakin rich you are
Banking in America - pies in the sky,bubble elation
Banking in America - your hand to their hands,
the bailout nation
Banking in America - can we have just one defenestration?
Rock your fat capitalist souls
Wall street, fat cats,
many miles of quantitative crap
All night tradin, keep on runnin'
through your hock 'n' stole
Ivy league gamblers keep awake,
high, on risk and a Federal bank roll
You might have to walk past the bread line,
But you can make your bottom line
Cuz everybody's stealing subprime overtime
Banking in America - pies in the sky, bubble elation
Banking in America - your hand to their hands, Country Wide across the bailout nation
Banking in America - got to have a thieve's celebration
I live in America, bail me out!
but I live in America,
wait a minute
You might not be looking for Wall Street's promised land,
but you might find it anyway
Under one of those old familiar names
Like Goldman Sachs (Goldman Sachs),
JP Morgan (JP Morgan),
BAC (Bank America)
Morgan Stanley (Morgan Stanley),
New York's CITI (New York's CITI)
Wells Fargo (Wells Fargo?),
What a pity...
Banking in America - hit me
Banking in America - yeah,
Walk on in and bail it out
Banking in America
I'm a Banksta in America - bottom line,
gonna make the subprime, that
I'm a Banksta in America - hey,
I know what it means,
I'm a Banksta in America - Charles Ponzi, eat your heart out
Banking in America - hit me, I said now, pie in the sky,
Banking in America - so nice, with your bailed out self
Banking in America - I feel good!