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Will Mozilo Walk?

Discussion in 'General Appraisal Discussion' started by Elliott, Oct 14, 2010.

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  1. Elliott

    Elliott Elite Member

    13
    Apr 23, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Oregon
    [​IMG]

    WSJ 10/14/10:
    LOS ANGELES—Confidential talks begun in recent weeks appear to be moving toward a settlement in the Securities and Exchange Commission's high-profile civil fraud case against former Countrywide Financial Corp. Chief Executive Angelo Mozilo and two other former executives, people familiar with the matter said.
     
  2. VegasWayne

    VegasWayne Senior Member

    5
    Nov 15, 2007
    Professional Status:
    Licensed Appraiser
    State:
    Nevada
    What's the line on him walking? Is their an over/under on how much time he will do?
     
  3. JT1974

    JT1974 Senior Member

    0
    Dec 16, 2006
    Professional Status:
    Certified General Appraiser
    State:
    Wisconsin
    I'll bet $100 that he has to pay a small fine (relatively small considering his net worth) and he won't do any jail time.
     
  4. Louis Pompeo

    Louis Pompeo Member

    0
    Nov 23, 2007
    Professional Status:
    Certified General Appraiser
    State:
    Mariana Islands
    As per todays' NYT.....

    Mozilo will pay a total of 67.5 million dollars. He does not admit to any wrongdoing.

    He walks.

    Within the same article, it is mentioned that he is being fined for 139 million in ill-gotten stock gains.

    So he steals 139 MM, gets fined 67MM, admits to no wrongdoing, and doesn't do a minute in jail.

    Not a bad days pay for a bad guy.
     
  5. Greg Parker

    Greg Parker Member

    0
    Mar 20, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Pennsylvania
    He sort of likes like an after halloween jack-o-lantern there....
     
  6. Lost Cause

    Lost Cause Senior Member

    3
    Sep 17, 2004
    Professional Status:
    Certified General Appraiser
    State:
    New York
    Orange Man Walking.

    No matter what happens in the case, the Orange Man will walk, because it's not a criminal trial. As a civil suit, it was never anything but a question of money.
     
    Last edited: Oct 15, 2010
  7. Dee Dee

    Dee Dee Elite Member

    1
    Jan 16, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    Is anyone surprised?
    :shrug:
     
  8. coolhandluke

    coolhandluke Member

    0
    Nov 25, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    New Jersey
    who pays?

    If I am correct (happens sometimes) BofA is paying 50M of that 67.5M fine, how does BofA have the assets to pony up that scratch? It comes out of the Executive Boards Annual Bonus and Christmas Club (slush fund). There will be rent clothing, ash and sackcloth and wailing and gnashing of teeth in the Boardroom... for a couple of minutes, then back to business as usual
    Mozilla didn't walk, he rode out in the tinted window backseat of his towncar.
    And WE PAYS, WE ALWAYS PAYS
     
  9. smallface

    smallface Sophomore Member

    0
    Feb 26, 2007
    Professional Status:
    Certified General Appraiser
    State:
    New Jersey
    He's been sentenced to look like a lizard the rest of his life.
     
  10. Roy Courtney

    Roy Courtney Senior Member

    3
    Dec 8, 2006
    Professional Status:
    Certified General Appraiser
    State:
    Texas
    He has to wear that orange lizard mask to cover the grin from ear to ear that he must have! How does he keep from laughing out loud at the silly government proceedures that have allowed him to "TAKE" several hundred million dollars and pay a small fine. No jail time, no admission of guilt. What a system we have. And from what I see it may be that Bank of America will pay his fine. Could that money be some of the government (our tax money) bailout to Bank of America? Seems that there was a group called "Friends of Angelo". He MUST have a lot of friends!
     
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