Anthony Mozilo was the CEO of Countrywide as it became one of the major players in the subprime mortgage market. The federal government is seeking injunctions and civil penalties against Mozilo, former President David Sambol and former Eric Sieracki. It also wants to ban them from serving as officers or directors of any public companies.
The Wall Street Journal reported that Mozilo's attorneys filed a motion to dismiss the suit for inaccuracies and omissions in the federal suit.
I'm no fan of Mozilo but honestly, isn't this process becoming just a bit ridiculous? Our government adds layers upon layers of laws and regulations only to allow people and companies to take advantage of consumers anyway. Everything is fine as long as the bubble keeps inflating. Then, when the bubble bursts, the government goes out on a witch hunt to finf those that took the most profits and looks to burn them at the stake.
There's so much money being spent to draft up all these laws. Why not put some some of that taxpayer money into policing the laws already passed? Instead, they let things go as long as people are making money. Then, when the proverbial S**T hits the fan, then they spring into action. Of course, by then, millions have lost their life savings so somebody's head needs to roll, right?
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