Thursday, June 04, 2009

Finally! An Indictment in Banker-Gate

I know. These things take time...

The Securities and Exchange Commission on Thursday said it had filed securities fraud charges against former Countrywide Chief Executive Angelo Mozilo and two other former executives.

The trio are being charged with deliberately misleading investors about the significant credit risk Countrywide took to build and maintain its market share.

Mozilo was also charged with insider trading for selling his Countrywide stock for nearly $140 million in profits while knowing that Countrywide's business model was deteriorating.

You recall that Sen. Chris Dodd (D-Bankers) was a "Friend of Angelo," even though Dodd can't seem to remember that himself...

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