Throughout 2008, Countrywide Financial, now owned by Bank of America (NYSE:BAC), was attacked as being culpable for the financial crisis. Adam Lashinsky of Fortune magazine, in an appearance on Fox News Channel's "Cavuto on Business" June 21, 2008, predicted the attacks "won't stop until they do a perp walk with Angelo Mozilo - the CEO of Countrywide."
A year later, a report on ABC's June 4 "World News with Charles Gibson" is seemingly championing that cause. Before a single criminal charge has even been filed, senior justice correspondent Pierre Thomas was already showing footage of jail cells. Thomas blamed Mozilo for being the "catalyst" of the housing crisis.
"Investigators say Mozilo was selling $140 million in stock as Countrywide imploded," Thomas said. "To many, Mozilo, known for his deep tan and aggressive style, was the king of subprime mortgages - those risky loans that were the catalyst for the housing meltdown. Mozilo, the son of a butcher from The Bronx, has always maintained publicly that he's never misled anybody."