Monday, March 9, 2009
Now that the country's financial system has been officially laid waste by greedy banks, mortgage brokers, realtors, greased palms in Washington, and most importantly by financially inept homebuyers, one thing left to observe with interest will be the plethoa perp walks.
That's right. While 80% of Americans are too stupid to be outraged and realize just what happened to their 401K's and home values, the remaining 20% are grabbing their torches and pitchforks.
And the SEC and new administration needs to at least look like their doing something, right?
Let's start with Mr. Karatz, ex-CEO of KB Homes, one of America's largest home builders. Mr. Karatz has been accused of stock option fraud. We'll soon see how this one ends. An arrest or two perhaps?
Then there's the Countdown to a Clockwork Orange: The Investigation of Angelo Mozilo, former CEO of Countrywide. Mr. Mozilo, perhaps the greatest poster boy of the epic housing crash. Mr. Mozilo is no doubt a hero for all Realtors across the country, for without Angelo, there would never have been so many ridiculous home purchases the last 7 years and never so many ill-earned commissions that have jeopardize the very foundation and future of the American nation. Some people believe there might even be an arrest of Mr. Mozilo. Well, you have to first collect some evidence that the guy knew what he was doing. That shouldn't be too hard, but then again, it's not illegal to be a greedy bastard. Just look at the enrollment of the National Association of Realtors and their stance on issues like the housing bailout, the extension of jumbo loans to prop up pie-in-the-freaking-sky home prices, and demands that new tax policies not in any way discourage "homedebtorship".
Personally, I don't believe Mr. Mozilo will be arrested, nor any of his colleagues.
Besides, it's too late anyway.