Too Little Too Late

Two days ago Angelo Mozilo, Countrywide Financial CEO, Orange One, and architect of American despair, said he would walk away from almost $40 million in severance pay, perks, and fees he was schedule to receive from the sale of his battered company.

"I believe this decision is the right thing to do as Countrywide works toward the successful completion of the merger with Bank of America," Mozilo said in the prepared statement. Ya think?

The day after Angelo announced his idea of repentance, Countrywide reported a fourth-quarter loss of $422 million. In the same period a year ago, Countrywide reported earnings of $622 million.

Thousands of Americans are losing their homes because of this man's violent and destructive greed. More than 12,000 of his own employees lost their jobs in September.  He and other banking executives are scheduled to appear next month before the House Oversight and Government Reform Committee for a hearing to examine whether their compensation and severance packages are justified.

I don't expect Congress to actually do anything about the situation (the federal goverment's forte is not doing things, but talking about them), but Mozilo will have to squirm under the bright lights and the loss of his private plane will appear as grotesque a charade as it actually is.

 Mozilo deserves to be sent to Guantanamo Bay.

Scott Seckel

Editorial Director, NEXZUS Publishing

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