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Ex Countrywide Exec Sticks it To America Both Ways

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March 05, 2009 – Comments (2)

This is amazing. This clown, Stanford L. Kurland, Countrywide’s former president, runs the company that signs on thousands of people to hundreds of billions of dollars worth of lousy mortgages on overpriced houses. He sells millions in stock and disappears before the spit hits the fan. Nothing's his fault, of course. Mortgages like these, and derivatives based on them, fall apart, sinking not only Countrywide, but Fannie, Freddie, and dozens of others. The taxpayers are soaked for billions to clean it up.

Now this flimflam man runs a new company to buy back the kind of crap he was peddling before, but for pennies on the dollar. Then he sells it for a bit more (or drops the loan rates incredibly, still making a killing) and the FDIC, taxpayers, and other band shareholders pick up the difference. He lines his pockets a second time -- and has the audacity to pretend he's doing good deeds now.

Sj

2 Comments – Post Your Own

#1) On March 05, 2009 at 10:40 PM, Seano67 (38.77) wrote:

I don't understand how what he did is not a criminal offense? Pretty much, he was practicing a legalized form of crime. Of course people are going to continue doing things like this, because there's no consequence to it, and it makes them a lot of money. And then you see creeps like this, and Thain, and countless others  who not only walk away from any trouble- but they actually benefit from it, and move onto more forms of legalized crime.

It's crazy.

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#2) On March 06, 2009 at 9:57 AM, 4everlost (29.46) wrote:

Deej,

Thanks for the link to the article. It's so hard to believe that all of this spit is really happening.

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