Tuesday, July 15, 2008

There's a place in hell for you Angelo Mozilo

While driving back to work, having just secured an apartment for our esteemed publisher, I saw this.

Foreclosures take place in even the best times. The jobless rate is a fluctuating number. A run on the bank is (at the very least) an unmistakable sign of a crisis in public confidence. I feel bad for the people spent their entire day waiting in line hoping they could get all their money back.

What's safe (unlike people's deposits above exceeding $100k) is the bottom line of the bank's founder, Angelo Mozilo. Mozillo, who also founded subprime uber-predator Countrywide Financial earned more than $200 million in salary and bonuses from 2001-2006. As of press time, he has made no plans to use a portion of those earnings to replace borrowers' lost savings.


Nemesis of Evil said...

Say, didn't you used to work in foreclosures?

Koland said...

Yes, and I've witnessed the horror of what happens to borrowers who are duped by predatory lenders. It's a terrible drain on people who can least afford financial turmoil.

A new Koland truism: Robbing poor people, when done to large enough level, is a formula for national financial collapse.