• News
  • Celebrities
  • Finance
  • Crypto
  • Travel
  • Entertainment
  • Health
  • Others

The Continuing Fall of Countrywide’s Angelo Mozilo

Staff at the Securities and Exchange Commission are recommending that civil securities fraud charges be filed against Angelo Mozilo, the once high-flying head of subprime lender Countywide Financial. The news was first reported by The Wall Street Journal, which explained that Mozilo has been sent a Wells notice, a document alerting its recipient that he will likely face SEC charges.

**The Journal, citing unnamed sources, said those charges could include alleged violations of insider-trading laws as well as failing to disclose material information to shareholders.

Over at Daily Finance, they’re noting that the charges are largely symbolic: Mozilo becomes the first of the “high profile subprime sleazebags” to face federal scrutiny.

In the vast, vast majority of these cases, the recipient of a Wells Notice agrees to settle the charges, pay a fine (almost always a small fraction of the defendant’s net worth), and be barred from serving as an officer or director of a public company for a period of time. Given that Mozilo was born in 1938 and is the poster child for bad corporate governance and slimy lending practices, there’s probably no risk he’ll be hired to run another company again anytime soon (except maybe General Motors (GM), which apparently has no standards for hiring executives).

Still, symbolism serves a purpose:

Sure, a couple Bear Stearns hedge funds managers got in trouble but so far, the titans have been free to juggle assets and wait for the wheels of justice to grind. Hopefully Mozilo is the beginning of an avalanche of similar Wells Notices.

If so, that should make some of those high-profile Friends of Angelo slightly nervous — including Sen. Chris Dodd (D-Conn.). Dodd is among an exclusive group of powerful people who reportedly enjoyed favorable terms on their mortgages from Countrywide, due to their prominent positions and connections with Mozilo. Getting that break on points and fees doesn’t look so smart these days, when the founder of the firm that awarded them could face insider trading charges.

Discussion & Comments (0)

    Recent Articles

    • Things You Should Know about North America

      Things You Should Know about North America

      Get to know more about North America.

    • Eurovision 2010 Paula Seling Unpredictable Contest

      Eurovision 2010 Paula Seling Unpredictable Contest

      Paula Seling's experience on the Eurovision stage led her to declare that "Eurovision is an unpredictable contest". Which may explain the success of the young Lena from Germany, about whom the predictions before the event did not offer much chances for victory.

    • VIPRow.me - The Best Sports Streaming Website Today

      VIPRow.me - The Best Sports Streaming Website Today

      Have you ever contemplated creating a user-friendly site dedicated to sports-related free live streaming channels?

    • Learn How To Download, Install, And Use The Xnxubd 2022 Frame App

      Learn How To Download, Install, And Use The Xnxubd 2022 Frame App

      XNXUBD 2022 Nvidia users are able to watch thousands of videos and other contents online. XNXUBD 2022 Nvidia New is a piece of software that enables people to watch videos online without having to pay for memberships. On a graphics card, the XNXubd also provides some of the best gaming and virtual reality experiences.

    • Xvideostudio Video Editor Apk Free Download For Pc Full Version In 2022

      Xvideostudio Video Editor Apk Free Download For Pc Full Version In 2022

      A new edition of the Video Editor Apk for xVideostudio.Video Studio has all the latest features, including support for multiple video download formats in HD, FHD, and even 4K resolutions.

    • 9 Best Lotion For Masturbation - Popular Choice For 2022

      9 Best Lotion For Masturbation - Popular Choice For 2022

      Masturbation is a common activity for men and women. It's a natural and risk-free way to explore your body, experience pleasure, and release sexual tension.

    • Reasons Why You Need To Stop Watching Movies From Sflix

      Reasons Why You Need To Stop Watching Movies From Sflix

      Without having to sign up or pay anything, you can watch movies online for free with SFlix. It has more than 10,000 movies and television shows.

    • Coi Leray Mom And Dad's Family History & Wife, Explained

      Coi Leray Mom And Dad's Family History & Wife, Explained

      Coi Leray Collins (born May 11, 1997) is a rapper from the United States. Leray started publishing songs to SoundCloud in 2014, and in 2018 she released her breakthrough track "Huddy" as well as her first mixtape, Everythingcoz.

    • Listen And Download Music On MyFreeMP3 For Free

      Listen And Download Music On MyFreeMP3 For Free

      Are you in a bind and looking for a place to obtain free mp3 songs? Never again will you need to bother, since this article has everything necessary to obtain your solution. Download free music from MyfreeMP3.com, one of the world's most popular websites.