I know I have been waiting a long time for my favorite villain in the sub-prime mortgage crisis to be called to account.
SEC staff have recommended charging him for trading violations in getting $145 million dollars for exercising options and selling stock he had in Countrywide.
You can buy a lot of good lawyers with that kind of money; I will be following how this one plays out.
My favorite Mozilla quote, after the bottom fell out, he was asked about the lack of information borrowers had to give (like, none) to get a mortgage from Countrywide.
Why didn’t you require some documentation, verification of income?
Mozilla said, hey, if we did that, we would have lost market share.
He walked with tens of millions more in severance pay, on top of the stock profits, as Countrywide was sold to Bank of (everything in) America, whose shareholders are now stuck with the mess Moziall made.
[...] Give me a break. Who came up with these rules, Angelo Mozilla? [...]
You would think so!