The Obama administration Department of Justice has decided to not pursue criminal charges against former Countrywide CEO Angelo Mozilo.
Apparently, if everybody was in on the mortgage scam - from mortgage brokers who falsified applications; investment bankers who concocted complex and “opaque” mortgage bonds; rating firms that provided high ratings on the bonds but said they were lied to; and institutional investors that relied on dubious ratings because the securities carried above-market interest while promising to be risk-free - then Mozilo cannot be charged for doing the same.
It is an interesting theory of accountability - if everybody is guilty of a crime, then nobody is guilty.
Coming from President Accountability himself, who has made accountability of teachers a centerpiece of his administration, it is rank hypocrisy at best, abject cronyism and corruption at worst.
After the choice of JP Morgan Chase exec William Daley to be chief of staff, Jeff Immelt to be jobs czar, and Angelo Mozilo to get away scott free with fraud, can there be any doubt that Mr. Change We Can Believe In has turned his eye toward 2012 and has decided cozying up to the banksters and the Wall Street criminal class is Job # 1 for his administration?
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