Angelo Mozilo

By William K. Black I write to contrast four recent stories about Countrywide. Here are their headlines and brief synopses provided in the initial paragraphs of the stories. U.S. drops criminal probe of former Countrywide chief Angelo…

Here is the SEC press release regarding the fraud and insider trader alleged to have been perpetrated at Countrywide Financial, now a part of Bank of America (emphasis added):

It’s about time.  The SEC has finally charged a high level executive in the banking industry in connection with activities that led to the largest bubble in U.S. history.  The accused, as expected, is Angelo Mozilo, otherwise known as “The…

When we have a major economic dislocation, there is always some aspect of criminal behavior involved. As a result, the governmental authorities look for specific companies and individuals to use as scapegoats for all of the ills of the…