June 17, 2008
You, Angelo Mozilo, will come to represent all that was evil and all that was wrong with the Late Great Housing Ponzi Scheme and Mortgage Madness.
* You made fraudulent garbage loans to people you know couldn't pay them back, knowing you could pawn off your trash to unsuspecting hedge funds, investment banks, governments, pension funds and investors
* You enriched yourself to the tune of hundreds of millions by dumping your stock while at the same time you directed your company to buy back the stock at inflated prices on the open market
* You ruined lives. You destroyed families. You damaged your company and your country. And you destroyed the world's trust in the American financial system.
It will give us no joy to see you frog-marched off to jail. It will give us no joy when the day comes that you are finally convicted of your crimes. And it will give us no joy when you are sent off to prison for the rest of your life, probably at the same facility housing the last shamed bubble fraudster, Bernie Ebbers.
I hope it was worth it.