Sunday, October 17, 2010

Angelo Mozilo's slap on the wrist - Mortgage Crisis - Salon.com

Former Countrywide Financial Corp Chief Executive Angelo Mozilo testifies before the House Committee on Oversight and Government Reform on Capitol Hill in Washington in this March 7, 2008 file photo. Mozilo has agreed October 15, 2010 to settle a lawsuit with securities regulators, ending one of the highest profile enforcement actions to come from the financial collapse. Picture taken March 7, 2008. REUTERS/Kevin Lamarque/Files (UNITED STATES - Tags: POLITICS BUSINESS)

Angelo Mozilo's slap on the wrist - Mortgage Crisis - Salon.com: "Angelo Mozilo will pay a fine of $67.5 million to settle SEC charges of insider trading and fraud. Most people would consider that a pretty penny, but maybe not Mozilo. Let's not forget, he raked in around $140 million in 2007, while laying off 12,000 Countrywide workers. He can afford to pay a few traffic tickets."

Only in corporate America can you get rewarded for failing.


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G.A. Afolabi is a progressive blogger based on the Left Coast.