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Old 06-04-2009, 04:12 PM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,473 posts, read 13,426,725 times
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Washington, D.C., June 4, 2009 - The Securities and Exchange Commission today charged former Countrywide Financial CEO Angelo Mozilo and two other former executives with securities fraud for deliberately misleading investors about the significant credit risks being taken in efforts to build and maintain the company's market share. Mozilo was additionally charged with insider trading for selling his Countrywide stock based on non-public information for nearly $140 million in profits.

SEC Charges Former Countrywide Executives With Fraud
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Old 06-04-2009, 08:12 PM
 
48,519 posts, read 81,130,238 times
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I saw that but the charges bascially sounded like he did what they all did druing that period. I mean making u8ndocumented loans to people that could afford them. It took a investiagtion to discover what evrybody knew for a decades;no wander they could figure out waht Madofff was doing even when it was ponited out to them in letters.
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Old 06-04-2009, 09:49 PM
 
16,722 posts, read 18,941,250 times
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I don't get it... so basically, ANY mortgage lender CEO is basically a criminal... is he just a sacrificial lamb (perhaps not a "lamb" as he is as dirty as mud)... if they only prosecute him and not the rest, isn't that hypocritical? He did what any CEO would do... deceive the public... yet, most of the CEOs are still in business and not arrested... I wouldn't mind seeing him in jail but I have this strange thing called "fair and EQUAL justice for ALL"...
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Old 06-04-2009, 10:37 PM
 
3,553 posts, read 6,791,656 times
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texdave wrote; I
Quote:
saw that but the charges bascially sounded like he did what they all did druing that period. I mean making u8ndocumented loans to people that could afford them.
Did you read the article (I'm guessing that this is the same article that I read on another site, outlining WHY he was charged)? It wasn't about making undocumented loans, it was about "telling investors that you're doing one thing (or not doing) and then doing, or not doing another.

He told his stockholders that Countrywide was NOT making subprime loans, only prime loans, when in fact Countrywide was taking a "supermarket" approach, making any loan that any other lender would make.

And the insider trading is the big one. That is what the SEC gets them on every time.

golfgod
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Old 06-04-2009, 10:58 PM
 
Location: Midwest
3,729 posts, read 6,733,899 times
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ONE thing you can take to the bank--no pun intended, I think--is that we will NEVER see anyone from Goldman Sacks America indicted for anything.

It pays to be on the inside.
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Old 06-04-2009, 11:12 PM
 
48,519 posts, read 81,130,238 times
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I actually watched the SEC investigatior state the charges. My impression is they need a goat after the madoff thing really. It sounded like what everybody has know was done in the easy credit days. heck they still haven't done anyhting about the two Fannie mae and mac officals that bascially took on those laons encouraging it so that they could get more pay and bouuses per congresses setting up of both.No if you are prelidges you don't get any rpoblems from not paying taxes;they just put you in charge of the IRS after saying you weren'taware fo owing any. there are alot of escape goats coming is my thought.
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