Enron’s Second Coming?

In May 2005 NYSE Magazine featured an article titled “American Dream Builder” — a glowing profile of Angelo Mozilo, the chairman and C.E.O. of Countrywide Financial, the nation’s largest mortgage lender. The article portrayed Mr. Mozilo as a heckuva guy — a man from a humble background determined to help other people, especially members of minority groups, achieve the American dream of homeownership.

The article didn’t mention one of Mr. Mozilo’s other distinguishing characteristics: the extraordinary size of his paychecks. Last year Mr. Mozilo was paid $142 million, making him the seventh-highest-paid chief executive in America.

These days, of course, Mr. Mozilo doesn’t look like such a wonderful guy, after all. Instead, he’s starting to bring back memories of other people who used to be praised not just as great businessmen but as great human beings — people like Enron’s Ken Lay and WorldCom’s Bernie Ebbers.

So far, nobody has accused Mr. Mozilo of breaking the law. Still, what we’re learning from the housing mess is that the crisis of corporate governance, which made headlines in the early years of this decade, never went away.

At this point it appears that Mr. Mozilo achieved the rare feat of victimizing three distinct groups.

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This son of a bitch stinks to high heaven.

It's a little game I play. ANytime Bush opens his big fat mouth, as we know, expect a lie. But when he really pushes a theme, look into it, and it always leads to scandal.

Remember a couple of years ago when Bush was selling how great things were and how the rate of home ownership was higher than ever before? Now what? Yeah, I lot of people were able to buy more home than they should have and the lousey house of cards comes tumbling down.

If you're interested, look into:

"The coalition of the willing"

"Iraq must sign the oil sharing bill"

"Economic numbers are strong, the deficit per GNP is lower than ever".

And the list could go on........



:freak: