Quote:
Originally Posted by Spin  Quote: |
Originally Posted by Countrywide Financial Chief Executive Angelo Mozilo If everyone steps back and looks at the issue in a calm rational manner, this crisis, which appears to be a crisis, will pass rather quickly." | Theres reportedly a trillion dollars of mortgage loans out there that stand a good chance of defaulting, this guy knew the risks of making loans that were based on market appreciation rather than peoples ability to pay.
I watched this guy, with his swanky suit and golden suntan appear in front of congress recently, he was questioned about why he cashed in tens of millions of dollars of Countrywide stock options just before all this blew up. His answers were cute but not very convincing. more |
But he didn't break any laws. So the swindle is perfectly legal. Its the American way!