Angelo Mozilo faces civil suit from the SEC.

Angelo Mozilo, a former God of the subprime mortgage industry, had a nickname back in the day. People called him "Tangelo", because of his ridiculous orange tan. But Mozilo's exterior apparently was odd and deceptive in more than one way. He sold his 140 million of stock in Countrywide Financial at the height of the subprime craze, at the same time making public statements about how wonderful things were.

The SEC is now bringing a civil suit against Mozilo. Their case is that he was pursuing a course of public deception by touting the value of his company's stock at the same time that he was compiling private information regarding the fact that the future prospects for subprime industry were collapsing. Countrywide was handed over to Bank of America in a hastily arranged fire sale that ended up helping to saddle Bank of America with a massive debt that had to be bailed out with your money and mine through TARP.

I have been waiting for this announcement for two long years. This is an open and shut case, as far as I can tell. After totally dropping the ball with Bernie Madoff's massive Ponzi Scheme, it is time fo the SEC to prove that it actually has a reason to exist any more. SEC, do your job. Get Mozilo's money back, he does not deserve a single dime of it. I wish you could put him in prison, but I wil settle for the money if there is no way to give him what he REALLY deserves.