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Posts Tagged ‘suing financial companies’

Time For More Executive Hard Time?

Monday, November 1st, 2010

Image: Bob RosnerAngelo Mozilo, co-founder of Countrywide Financial, a.k.a. No-Income-is-too-Small-For-Us-to-Give-You-a-Mortgage, agreed to pay $67.5 million dollars to avoid a federal civil fraud suit about to go to trial.

I know what you’re thinking, let’s hold a bake sale for Angelo. He clearly must be hurting. But chances are slim that you’ll see him at any soup kitchen, because he pocketed many times that amount of money in salary and perks before he drove his company into the ditch.

But it does raise an interesting question: Why isn’t the government going after Lehman, WAMU and other high flying executives from corporations that went into the toilet over the past few years? Especially when top executives pocketed so much cash from the deception and fake profits?

We’re not talking Salem Witch Trials. I’m simply suggesting that we start skimming off some of the cash that these executives skimmed off of all of us. I know this sounds drastic, but the top guys from Enron actually went to jail for their misdeeds.

Why are we suddenly so timid when it comes to the billions that these fat cats are sitting on?

This is especially confusing to me because of the rush by State Attorney’s General to sue over the recently enacted health care reform bill. Why aren’t our public officials going after the banking swindlers for the huge stockpiles of money that they extracted from all of us?

I would have thought that Attorneys General would at least understand the Willie Sutton rule. Mr. Sutton, the famous bank robber was asked why he robbed banks. He replied, “Because that is where the money is.”

Isn’t it time that we went where the money went? Anything short of a major offensive here sends a simple message to all that crime pays. That would be the worst message to come out of the pain of the past few years.

About The Author: Bob Rosner is a best-selling author and award-winning journalist. For free job and work advice, check out the award-winning workplace911.com. Check the revised edition of his Wall Street Journal best seller, “The Boss’s Survival Guide.” If you have a question for Bob, contact him via bob@workplace911.com.

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