Academic

FRIENDS OF ANGELO IN HIGH PLACES: Angelo Mozilo Skates. And there?s more: ?Most of the other Wall?

By Glenn Reynolds

FRIENDS OF ANGELO IN HIGH PLACES: Angelo Mozilo Skates. And there’s more: “Most of the other Wall Street bigwigs whose firms took unconscionable risks ? risks that nearly brought the global financial system to its knees ? aren?t even on Justice?s radar screen. Nor has there been a single indictment against any top executive at a subprime lender. The only two people on Wall Street to have been prosecuted for their roles in the crisis are a pair of minor Bear Stearns executives, Ralph Cioffi and Matthew Tannin, whose internal hedge fund, stuffed with triple-A mortgage-backed paper, collapsed in the summer of 2007, an event that anticipated the crisis.” Well we know — some of — the people who got bargain loans from Countrywide as “Friends Of Angelo.” And we know who Wall Street gave money to in record amounts in 2008. So no big surprise here.

UPDATE: Reader Michael Harlow writes: “They told me if I voted for McCain, Wall Street millionaires who caused the financial crisis would get off scot-free, and they were right!”

Full post as published by Instapundit.com on February 27, 2011 (boomark / email).