Former Countrywide CEO Angelo Mozilo has been sued by the SEC for lying about the state of the firm’s mortgage portfolio.
“Each of the defendants was aware, but failed to disclose, that Countrywide’s current business model was unsustainable,” the feds claim in the suit.
Ken Lewis call your office.
I’ve been waiting for this for a long time. And I cannot wait to see how it plays out. See, Mozilo and crew can immediately say, “Unsustainable! Why did Bank of America buys us then?”
Uhhhhhhhhh….. I think this is another example of an arm of the feds — in this case the SEC — striking back at the deals shot-gunned by the New York Fed Bank. Mark my word, all kinds of interesting things could tumble out of this case.
