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Monday, November 08, 2010

Angelo Mozilo Update

So a little more than two years ago I blogged about Angelo Mozilo (see that blog post at, one of the founders and the CEO of famed home mortgage lender, Countrywide (which was later acquired by Bank of America).

Mozilo had been a legend in the mortgage industry, but greed had caused him to instead become a spectacle in the mortgage industry. And then the shame of the mortgage industry.

In recent news, it's been reported that Mr. Mozilo will pay $22.5 million to settle SEC charges that he misled investors (in Countrywide). Additionally, Mozilo will pay $45 million in "disgorgement of ill-gotten gains." Said differently, he'll be giving back some of that greed money.

Such a legacy you've squandered, Mr. Mozilo. Totally squandered.

At least he'll still be rich. Apparently that's what he cherished most anyway.

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