If the investigations result in confirmation of charges, I hope the Senate's Ethics Committee (as well as the House's Oversight and Government Reform Committee) investigations of the 30+ Countrywide VIP loans to US House & Senate member/staffers & the trial of three former Countrywide executives (including Angello Mozilo) results in some hangings, but I'm not holding my breath...my guess---acquittals (like Congress ok'd Dodd's 6 VIP loans) and no penalties for the sleezeballs. (Senators Chris Dodd -who is not running for another term and Kent Conrad were both cleared by Senate Ethics panel.)
The SEC claims the defendants hid ever increasing risks and problems in the loan portfolios.
Was this the reason why other Countrywide shenanigans were ignored?
Note: Remember the comment about "rearranging deck chairs on the Titanic"? Well, the old Countrywide was bought by Bank of America and is now called "Bank of America Home Loans.
Thank you sir,... may I have another?
Source: WSJ Article 8-14-2010, Page B1
Update WSJ 8-24-2010, A6 - The Securities and Exchange Commission (another SEC), is investigating Angelo Mozilo to see if he and other Countrywide executives hid some substantial risks from investors.
References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them.
No comments:
Post a Comment