- Remember Martha Stewart's great transgression? She owned ImClone stock back in 2004 and sold on some insider information which helped her to net $277,000 on that trade.
- Then, she was charged by the Securities Exchange Commission (SEC) and eventually fined $30,000 and got 5 months of jail time.
- Dayum! Darned good thing they got her...Martha Stewart....Destroyer of Worlds!!! Now let's compare....
- Look at what happened a week ago. Angelo Mozillo, former CEO of the now spectacularly bankrupt mortgage mill known as Countrywide, was hauled before the SEC. But first...while at Countrywide he made about $100 million a year by initiating piles and piles of crappy mortgages (many of which are now at Fannie Mae and Freddie Mac...which means you and I are backing those stinky mortagage turds via our tax dollars! Nice, huh? Oh yeah, Bank of America is regretting ever taking this pile of crap on to their team. Snookered?)
- OK, OK...so the SEC's got him! And what happens???
- While he states that there was no wrongdoing on his part, he agrees to pay a fine of ~$68 million....no time to be spent at the grey bar motel.
- Got that?
- Does any of it make sense?
- Sheesh...if tar, feathers, a rail and the outskirts of town were ever appropriate...this would be the textbook case! My opinion of course.
- Welcome to Amerika, Comrade. It is who you know that matters in these trifling matters of justice.
- May the Oligarchs rule until our porridge runs out!!! FEAST, FEAST....PORRIDGE FOR ALL!!!
Part 1: Current State of the Housing Market; Overview for mid-November 2024
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Today, in the Calculated Risk Real Estate Newsletter: Part 1: Current State
of the Housing Market; Overview for mid-November 2024
A brief excerpt:
This ...
1 hour ago
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