iamwhatiseem
Diamond Member
Two other former Countrywide executives also settled before trial next week on charges filed by the Securities and Exchange Commission. But employment agreements that protect the men from lawsuits involving the failed lender mean Bank of America Corp., which bought Countrywide in July 2008, will pick up most of the tab.
Yeap they gamed the system.
This is why coprorations should not have people rights.
They are there to protect the CEOs so they cant act illegally and not take the heat.
You should look at the relationship that Jim Johnson at Fannie cultivated with Countrywide
"An Office of Federal Housing Enterprise Oversight (OFHEO) report from September 2004 found that, during Johnson's tenure as CEO, Fannie Mae had improperly deferred $200 million in expenses. This enabled top executives, including Johnson and his successor, Franklin Raines, to receive substantial bonuses in 1998. A 2006 OFHEO report found that Fannie Mae had substantially under-reported Johnson's compensation. Originally reported as $67 million, Johnson actually received approximately $21 million.
'Johnson was a bundler for the Obama campaign, raising between $200,000 and $500,000'
I am STUNNED I tell ya!
Which is why the Justice Department has 100% ignored the mountain of illegality and improper reporting by virtually every major bank/financial system. It would no doubt open up a Pandora's Box of all kinds of compromising info on/about lawmakers/campaign contributions/good ol' boy groups....like I say...when the real story gets out in the coming years - it will rock the financial system.
We have been thoroughly robbed in the past 30 years.
Jesus Christ - the 401k scandals - where the hell are the investigations on these??????
People lost 100's $billions collectively as 401k's were readily buying up mortgage "packages"....you don't think this wasn't done on purpose?