Federal prosecutors have shelved a criminal investigation of Angelo R. Mozilo after determining that his actions in the mortgage meltdown — which led to $67.5-million settlement against him — did not amount to criminal wrongdoing.As Atrios notes, what this really means is that if you want to run a criminal enterprise, make sure that everyone has a piece of it, because, "If Everybody Is Guilty Then Nobody Is."
As the former chairman of Countrywide Financial Corp., Mozilo helped fuel the boom in risky subprime loans that led to the crippling of the banking industry and the near-collapse of the financial system.
A federal grand jury in Los Angeles began probing Mozilo in 2008, and four months ago he agreed to pay a $22.5-million fine and to repay $45 million in what the government said were ill-gotten gains to former Countrywide shareholders. The payments settled a civil action by the Securities and Exchange Commission.
Matt Taibbi is right, our society is now run by people who have declared criminals to be untouchable before the law.
1 comments :
> our society is now run by people who have declared criminals to be untouchable before the law
Always has. Was there ever a high-ranking official that was held accountable by the law for abuse of power?
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