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Possible Jail For Financial Execs

The Verdict

by Portfolio Staff Apr 21 2009
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Angelo Mozilo, Former CEO, CountrywideMoziloLegal issue: The company faced predatory lending charges from about 11 state attorneys general. Mozilo is accused of fraudulently misleading investors about credit risks.

Possible charges: Securities fraud and insider trading.

The PR headache: No executive embodies the subprime crisis more than Mozilo. The public seems hell-bent on holding someone accountable.

The investigation: The SEC and FBI are all over Countrywide, probing Mozilo’s trading in company stock and the company’s financial disclosures.

Jury deliberation: “This guy’s managed to make himself public enemy No. 1.” ... “The subprime people did a great injury to this country. These guys were selling junk beyond junk. Mozilo’s on the wrong side of a very difficult issue.”

Odds of prosecution: 4:1

The verdict: The smart money bets against Mozilo.

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