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Monday, October 18, 2010

"Civil," Indeed

Mozilo Settles With SEC for $68 Million

The best way to rob a bank . . . is to own one.

There's a reason why bank robbers -- at least the "blue collar" kind -- get charged with criminal (prison) rather civil penalties (read, fines): if it were otherwise, they'd just write a check if/when they were apprehended, and go on their merry way with whatever was left, net of attorneys fees.

So, no, I'm not impressed that former Countrywide CEO Angelo Mozilo has settled, civilly, with the SEC by paying a $68 million fine.

Not only does the settlement outrageously not require Mozilo to admit guilt -- it explicitly says that he doesn't -- it allows him to keep, and enjoy, another couple hundred million he harvested even as his bank played a major role in blowing up the housing market.

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