Former Countrywide Financial Corp Chief Executive Angelo Mozilo has agreed to settle a lawsuit with securities regulators, ending one of the highest profile enforcement actions to come from the financial collapse.Good luck finding any mention of the the word "Democrat" or his cozy dealings with Dodd.
Mozilo, along with former Countrywide President David Sambol and former Chief Financial Officer Eric Sieracki, did not appear in the Los Angeles federal court on Friday morning where the settlement between the U.S. Securities and Exchange Commission and all three executives was announced.
Mozilo will pay a $22.5 million civil penalty, plus $45 million in disgorgement, according to U.S. District Court Judge John Walter.
I guess the Friends of Angelo extend to the media.
Angelo picked his friends well. Dodd chairs the Banking Committee, and the $58,000 Countrywide saved him by giving him a below-market interest rate probably served the lender well in keeping their misdeeds below the radar screen. It went well with the $21,000 in campaign contributions Dodd received from Countrywide.More on Angelo's friends here.
Conrad saved over $10,000 under the Friends of Angelo program with the deduction of a point on one loan. He got a second loan through Countrywide when Mozilo intervened to approve the loan against company policy, on the basis of his position as a Senator. Conrad can’t recall ever meeting Angelo, but the evidence of “friendship” looks pretty clear.
Maybe Darrell Issa can look into this come January.