Finally, the FBI has begun an investigation into the dealings of Countrywide Financial Corporation, one of America's largest mortgage lenders according to the Associated Press. The investigation centers around whether Countrywide business leaders may have misrepresented the company's financial position and the quality of its mortgage loans.
Look. Here's a tip. When you're CEO of a company, pulling down about $2 million in salary a year, and then you start dumping millions of dollars of shares of that same company's stock over a short period of time, followed by the company declaring massive losses for issuing the shoddiest of quality mortgage loans, then don't be all that surprised when the SEC and perhaps the Feds show up to ask you a few questions.
In the case of Countrywide, it's about damn time.