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  #1  
Old 10-14-2010, 08:18 PM
Elliott's Avatar
Elliott Elliott is offline
 
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Default Will Mozilo Walk?



WSJ 10/14/10:
LOS ANGELESóConfidential 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.
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  #2  
Old 10-14-2010, 08:30 PM
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VegasWayne VegasWayne is offline
 
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What's the line on him walking? Is their an over/under on how much time he will do?
  #3  
Old 10-14-2010, 09:23 PM
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JT1974 JT1974 is offline
 
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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  
Old 10-15-2010, 02:31 PM
Louis Pompeo Louis Pompeo is offline
 
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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  
Old 10-15-2010, 02:36 PM
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Greg Parker Greg Parker is offline
 
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He sort of likes like an after halloween jack-o-lantern there....
  #6  
Old 10-15-2010, 02:40 PM
Lost Cause Lost Cause is offline
 
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Default 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 by Lost Cause : 10-15-2010 at 02:56 PM.
  #7  
Old 10-15-2010, 02:55 PM
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Dee Dee Dee Dee is offline
 
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Is anyone surprised?
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  #8  
Old 10-15-2010, 04:42 PM
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coolhandluke coolhandluke is offline
 
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Default who pays?

Quote:
Originally Posted by Louis Pompeo View Post
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.
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  
Old 10-15-2010, 05:26 PM
smallface smallface is offline
 
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He's been sentenced to look like a lizard the rest of his life.
  #10  
Old 10-15-2010, 06:23 PM
Roy Courtney Roy Courtney is offline
 
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Quote:
Originally Posted by smallface View Post
He's been sentenced to look like a lizard the rest of his life.
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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