Saturday, February 26, 2011

Quote of the week

In a column in the NYT Business Section today (Saturday) in which Joe Nocera ("Talking Business") explains why none of the Wall Street bigwigs will likely be prosecuted for any of their misdeeds causing the latest capitalist crisis. Focussing mostly on Angelo Mozilo, co-founder & for nearly 40 years head of Countrywide Financial until its "astonishing fall," Nocera quotes from a "lengthy interview with Mr. Mozillo conducted by investigators working for the Financial Crisis Inquiry Commission"
[Mozilo's] voice rising passionately, he said finally, 'Countrywide was one of the greatest companies in the history of this country.'

Which is a final reason Mr. Mozilo would have been difficult to prosecute. Delusion is an ironclad defense

No comments: