Wednesday, May 13, 2009

Angelo Mozilo Receives SEC Wells Notice

Developing story: WSJ reports that the SEC has decided to file civil fraud charges against Hollywood Tans icon and real estate bubble extraordinaire Angelo Mozilo. Charges could include allegations of insider trading. Interesting if his Bank Of America corner office will receive the same take down treatment as that of Merrill's Thain in the coming days.

Even more amusing is the fact that taxpayers will end up having to foot Angelo's legal bill (as it will be ultimately paid by BofA's TARP cache), due to his onboarding arrangement with the one, the only, the inimitable Ken Lewis, who is more focused on sending out DMCA C&D notices than preventing his key executives from engaging in insider trading. Sphere: Related Content
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