Have You Looked at Angelo Mozilo's Facebook Page lately?

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?

Just asking...

[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)].

View: Full Screen Link  







(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?),

Bear...Lehman...and Merrill?

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, bubble elation

Banking in America - so nice, with your bailed out self

Banking in America - I feel good!


No comments yet! Be the first to add yours.