Finally, some of the Fat Cat bankers are being forced to pay for their dastardly deeds! Or are they ... ?
The SEC's fraud case against Angelo Mozilo and 2 other Countrywide executives was settled this week.
"Mr. Mozilo agreed to pay $67.5 million in a penalty and reparations to investors and is permanently banned from serving as an officer or a director of a public company."
(
http://www.nytimes.com/2010/10/17/business/17trial.html?_r=1&src=twt&twt=nytimes)
Ho Ho! That'll teach him! $67.5 million, wow. But ...
(1) Mozillo made $260 million, just from stock sales, between 2005 and 2007.
(2) Bank of America is paying his legal bills.
And (3) Countrywide is paying $20 million of his settlement.
I love this paragraph from the article:
"Battered by widespread criticism that it failed to corral scam artists like Bernard L. Madoff and to effectively police Wall Street as a whole during the years leading up to the credit crisis, the S.E.C. may now regain some stature as a successful litigator and investor advocate from its settlement with Mr. Mozilo."
Ooh, yeah, you're tough, SEC. Show me your big bulging muscles.
I'm so impressed.