lil mike
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« on: April 03, 2011, 06:59:37 pm » |
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Interesting how arbitrary our decisions on who to prosecute are. http://www.nytimes.com/2011/03/26/business/26nocera.html?_r=2&partner=rss&emc=rssIn Prison for Taking a Liar LoanA few weeks ago, when the Justice Department decided not to prosecute Angelo Mozilo, the former chief executive of Countrywide, I wrote a column lamenting the fact that none of the big fish were likely to go to prison for their roles in the financial crisis.
On Valentine’s Day, the elder Mr. Engle said, his son had entered a minimum-security prison in Beaver, W.Va., to begin serving a 21-month sentence for mortgage fraud. He then proceeded to tell me the tale of how federal agents nabbed his son — a tale he backed up with reams of documents and records that suggest, if nothing else, that when the federal government is truly motivated, there is no mountain it won’t move to prosecute someone it wants to nail. And it was definitely motivated to nail Charlie Engle.
Mr. Engle’s is a tale worth telling for a number of reasons, not the least of which is its punch line. Was Mr. Engle convicted of running a crooked subprime company? Was he a mortgage broker who trafficked in predatory loans? A Wall Street huckster who sold toxic assets?
No. Charlie Engle wasn’t a seller of bad mortgages. He was a borrower. And the “mortgage fraud” for which he was prosecuted was something that literally millions of Americans did during the subprime bubble. Supposedly, he lied on two liar loans.
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Howey
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« Reply #1 on: April 03, 2011, 07:25:23 pm » |
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Not defending him, but your pissed that all Mozilo did was pay a huge fine to stay out of jail?
And your defending Rick Scott for basically the same thing?
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lil mike
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« Reply #2 on: April 03, 2011, 07:34:36 pm » |
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Not defending him, but your pissed that all Mozilo did was pay a huge fine to stay out of jail?
And your defending Rick Scott for basically the same thing?
What was my defense of Rick Scott? |
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Howey
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« Reply #3 on: April 03, 2011, 07:35:44 pm » |
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What was my defense of Rick Scott?
Didn't you help vote the crook into office? |
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lil mike
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« Reply #4 on: April 03, 2011, 07:46:28 pm » |
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Didn't you help vote the crook into office?
I did vote for him. I confessed that, but what was my defense of him? |
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Howey
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« Reply #5 on: April 03, 2011, 08:02:26 pm » |
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I did vote for him. I confessed that, but what was my defense of him?
I'm tired...perhaps "defend" isn't the correct word. Why are you criticizing Mozilo, who paid a fine for being a crook, when you don't criticize Scott, who paid a fine for being a crook? |
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lil mike
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« Reply #6 on: April 05, 2011, 08:56:39 pm » |
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I'm tired...perhaps "defend" isn't the correct word.
Why are you criticizing Mozilo, who paid a fine for being a crook, when you don't criticize Scott, who paid a fine for being a crook?
Mozilo was actually personally fined by the SEC. So he was personally culpable. Rick Scott was never fined. His company was fined. As far as I know (maybe you know more about this) Scott was never criminally charged. |
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Howey
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« Reply #7 on: April 05, 2011, 09:15:06 pm » |
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Mozilo was actually personally fined by the SEC. So he was personally culpable. Rick Scott was never fined. His company was fined. As far as I know (maybe you know more about this) Scott was never criminally charged.
Oy...here you go again! Columbia HCA was fined. Scott lead Columbia and was forced to resign as a result. |
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lil mike
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« Reply #8 on: April 05, 2011, 09:21:34 pm » |
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Oy...here you go again!
Columbia HCA was fined. Scott lead Columbia and was forced to resign as a result.
I wasn't referring to a fine on Countrywide, I was referring to a fine to Mozilo personally. I already said his company was fined. I mean, what point are you trying to make?? You were aguing that: The situations were identical. I was a meanie to Mozilo and an apoligist for Scott. Neither of these were true. Just keep moving the goal posts... |
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