Federal prosecutors have shelved a criminal investigation of Angelo R. Mozilo after determining that his actions in the mortgage meltdown — which led to $67.5-million settlement against him — did not amount to criminal wrongdoing.
As the former chairman of Countrywide Financial Corp., Mozilo helped fuel the boom in risky subprime loans that led to the crippling of the banking industry and the near-collapse of the financial system.
What was it, that Obama said in his inaugural, about beginning a new Era of Responsibility?
As Atrios says, "One would think that the people in charge could be held responsible, but as we've learned, the people in charge are never responsible."
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