What good are "laws" if there is no penalty for breaking them? I was always taught that ignorance of the law is not a viable defense. That is evidently only true for the masses; the rich campaign contributors apparently can build an entire defense based on ignorance of the law and no one bats an eye. Funny how greed and sloppy business practices generated enormous wealth for the many racketeers who fell into the same practices...by accident, no collusion involved. Right. None of them knew the law that regulated their own businesses? Try that one in the real world and see how long you last.
Funny how the "sloppy business practices" are exactly the same from one company to another like they had copied each others' notes. None of them really meant to hurt anyone...yeah, right!
U.S. prosecutors far from decision on Mozilo: sourcesTue Jun 2, 2009
By Gina Keating
LOS ANGELES (Reuters) - Prosecutors are at least several months away from deciding whether to bring a criminal case against Countrywide Financial Corp founder Angelo Mozilo, the home loan entrepreneur expected to be hit soon by regulators with civil charges of insider trading.
Federal prosecutors in Los Angeles have been examining Mozilo's activities for more than a year but have yet to find proof he intended to defraud investors through his trading activities, two people familiar with the probe said. The people were granted anonymity because the probe is not public.
"They are not close (to an indictment)," one source said.
That does not mean that they are giving up on their probe into Mozilo, who became a symbol of the nation's real estate bust as millions of Americans faced foreclosure because they took out home loans they could not afford.
Countrywide built much of its growth on riskier home loans, such as subprime and option adjustable-rate mortgages, that often left borrowers owing more than their homes were worth.
Mozilo, 70, is expected to face U.S. Securities and Exchange Commission charges over his sales in late 2006 and 2007 of about $175 million in Countrywide stock, just as the housing downturn was becoming widely evident.
The title quote comes later in this article:http://www.reuters.com/article/domesticNews/idUSTRE5516IQ20090602?sp=true