Bloomberg’s Max Abelson recounts his conversation with former Countrywide Chief Executive Officer Angelo Mozilo as he reacts to plans by the U.S. government to sue him in a civil case over subprime loans. Here is a direct video link.
Sociopaths that make a half a billion dollars through the help and support of regulators and financial markets and the forbearance of prosecutors, have no reason to admit or acknowledge their predatory acts and harm inflicted. Mozilo is cocooned in a cozy club of bankers world wide who have made themselves mind-boggling sums at the expense of households, businesses, employees and taxpayers everywhere.
We, the people, continue to suffer and stagger under the weight of bad debts created in order for the financial executives to extract billions on to their personal balance sheets. Self-deluded to the end, the perpetrators have been allowed go free, keep the money and speak with indignation about the ‘unfair vilifying’ of the financial sector. Unless and until we are able to restore the rule of law on the banking sector we will continue to suffer the pain and cost of our largesse to them.
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