60 Minutes Breaks Countrywide Story

[iamwhatiseem]

Two other former Countrywide executives also settled before trial next week on charges filed by the Securities and Exchange Commission. But employment agreements that protect the men from lawsuits involving the failed lender mean Bank of America Corp., which bought Countrywide in July 2008, will pick up most of the tab.



Yeap they gamed the system.

This is why coprorations should not have people rights.

They are there to protect the CEOs so they cant act illegally and not take the heat.

You should look at the relationship that Jim Johnson at Fannie cultivated with Countrywide

"An Office of Federal Housing Enterprise Oversight (OFHEO) report from September 2004 found that, during Johnson's tenure as CEO, Fannie Mae had improperly deferred $200 million in expenses. This enabled top executives, including Johnson and his successor, Franklin Raines, to receive substantial bonuses in 1998. A 2006 OFHEO report found that Fannie Mae had substantially under-reported Johnson's compensation. Originally reported as $6–7 million, Johnson actually received approximately $21 million.

'Johnson was a bundler for the Obama campaign, raising between $200,000 and $500,000'

I am STUNNED I tell ya!

Which is why the Justice Department has 100% ignored the mountain of illegality and improper reporting by virtually every major bank/financial system. It would no doubt open up a Pandora's Box of all kinds of compromising info on/about lawmakers/campaign contributions/good ol' boy groups....like I say...when the real story gets out in the coming years - it will rock the financial system.
We have been thoroughly robbed in the past 30 years.
Jesus Christ - the 401k scandals - where the hell are the investigations on these??????
People lost 100's $billions collectively as 401k's were readily buying up mortgage "packages"....you don't think this wasn't done on purpose?

 

[iamwhatiseem]

Read this...and then recite with me..."I don't believe you Bernanke...I don't believe you Bernanke..."
Wall Street banks had RECORD profits the year after the bailouts...while the rest of the nation was reeling...Wall Street and the DOW had the best year in over 100 years.

And many liberals on this very forum are just fine with the FED bailing out European banks.

Bernanke Defends 'Secret' Bank Bailout - TheStreet

 

[The Infidel]

Absolutely.
To think this is the first media investigation in FOUR YEARS????????????
If this was Bush's 2nd term - every damn media outlet in the world would be screaming for blood...hell this is what I said about the OWS...WTF are they doing hanging around financial centers?? They should be camping out on Pennsylvania avenue where this all began.
Where is that article when you need it - the one back around 2009 that showed how many members of congress received damn near interest-free loans from Country-Wide. The number of former Goldman Sachs executives in UNELECTED office holders at the Federal level - how many former Bear Stearns/AIG executives are now top and very successful lobbyist. The entire system is in the gutter and this is only the FIRST media investigation????????????

Bullshit.

If only we had real journalists out there.

This regime is neck deep in scandals, yet they will do whatever possible to help get hm another 4 yrs

This is the 2nd "not-so-positive-for-Obama" investigation/reporting from 60 minutes in the past couple months. Let's hope the show still has a little of it's former integrity and tough journalism they were known for.

But I agree - it is inarguable that the MSM has been gloriously obtuse concerning this administration. As I said a few years back - imagine the outcry if it was Bush that placed Jeffery Imelt as the top "Jobs Czar"...the same CEO that has moved more jobs to Mexico and China than anyother company in America - and Obama chooses HIM as the guy to advise him on CREATING jobs in America????
Not one blip on the media radar except Fox.

That hits VERY close to home for me.... I literally lost my job in 2009 to a mexican company when I was at GE. It was subcontracted and moved south of the border.

 

[KissMy]

I am confused here. Countrywide/Angelo Mozilo was held accountable.
Countrywide CEO Mozilo settles with SEC for $67.5M - CSMonitor.com
Countrywide Financial Corp. co-founder Angelo Mozilo has agreed to a $67.5 million settlement to avoid trial on civil fraud and insider trading charges that alleged he profited from doling out risky mortgages while misleading investors about the risks.
Two other former Countrywide executives also settled before trial next week on charges filed by the Securities and Exchange Commission.
~~~~~~~~
Twelve minutes into the video the DOJ defends itself for not prosecuting.

Two other former Countrywide executives also settled before trial next week on charges filed by the Securities and Exchange Commission. But employment agreements that protect the men from lawsuits involving the failed lender mean Bank of America Corp., which bought Countrywide in July 2008, will pick up most of the tab.
Yeap they gamed the system.
This is why coprorations should not have people rights.
They are there to protect the CEOs so they cant act illegally and not take the heat.

Angelo Mozilo $67.5 million fines amounted to slaps on the wrist. He just considers that a small cost of doing business. The fines for these crimes must be larger than the amounts these criminals ill-gotten gains. He made hundreds of millions from that scam. He is still laughing every-time he goes to the bank.

 

[iamwhatiseem]

If only we had real journalists out there.

This regime is neck deep in scandals, yet they will do whatever possible to help get hm another 4 yrs

This is the 2nd "not-so-positive-for-Obama" investigation/reporting from 60 minutes in the past couple months. Let's hope the show still has a little of it's former integrity and tough journalism they were known for.

But I agree - it is inarguable that the MSM has been gloriously obtuse concerning this administration. As I said a few years back - imagine the outcry if it was Bush that placed Jeffery Imelt as the top "Jobs Czar"...the same CEO that has moved more jobs to Mexico and China than anyother company in America - and Obama chooses HIM as the guy to advise him on CREATING jobs in America????
Not one blip on the media radar except Fox.

That hits VERY close to home for me.... I literally lost my job in 2009 to a mexican company when I was at GE. It was subcontracted and moved south of the border.

Yep...my brother/ a sister in law/ 3 friends and about 2000 others lost their Job when G.E. closed their refrigeration plant in Indiana.

 

[iamwhatiseem]

Well isn't this funny.
Once the Obama supporters realized what this really meant - they scattered from this thread.