The current economic crisis has been going on for well over one year and it surely has not ended as promptly as many predicted. When the news broke that special considerations and opportunities were extended to many high ranking business leaders and political figures by Angelo Mozilo, the former Chief Executive Officer of Countrywide Financial Corporation, he quickly became the bad guy and the recipients of his favors quickly ran for cover. That certainly is not news to anyone with one ounce of experience, but it has become a pattern of behavior we witness over and over again.
If Angelo Mozilo is guilty of misconduct in his fiduciary responsibilities when he was the CEO at Countrywide, which appears to be the case, it should be proven in a Court of Law, and not left for idle speculation. Recognizing that I am rendering an opinion before all the facts are disclosed, I believe that Mozilo should be indicted, tried, found guilty and sentenced to jail. His actions, if proven in court, are appalling, criminal and have negatively impacted millions of innocent citizens. Only time will tell if justice prevails in this case.
I suggest that it is very important for full and honest disclosure in this situation, because Mozilo is not the only culprit in this case. If individuals who took advantage of special considerations in mortgages are ignored, we will not have provided full justice to the harmed parties. The business leaders and politicians who benefited are equally guilty of wrong doing, and hopefully a full disclosure with a detailed investigation and legal proceedings will bring these issues forward into the clear light of day.
In the June 24th issue of the Wall Street Journal there is a detailed article suggesting that some members of the House Committee on Oversight and Government Reform may not want to request the release of all records in the “Friends of Angelo” case. This could signal the start of a political cover-up protecting fellow members of the House and Senate. If this action receives the proper publicity and the media steps forward with wide spread coverage, the voters will demand action. The Justice Department’s position remains to be seen.
The veil of protection that has existed throughout Washington covering up the insiders in politics must be tossed out by the citizens of our country. Corruption must be rooted out, and guilty parties should be held accountable.
There are both Republicans and Democrats involved in this scandal, but If Sen. Christopher Dodd (D-CT) or Sen. Kent Conrad (D-ND) are not held accountable by the Senate Ethics Committee Investigation then the “fix is in”. Should the corresponding Committee in the House investigate the allegations against Reps. Barney Frank (D-MA) or Charles Rangel (D-NY) we face a situation that suggests that unethical behavior is acceptable in the Halls of Congress. Tragically I believe that such conduct is and has been acceptable not only in Washington, but across our country.
Let’s not forget the just revealed dalliance of Republican Gov. Mark Sanford of South Carolina. It never ceases to amaze me just what a public political figure thinks he/she can get away with! Give me a break, love letter emails, disappearing acts, trips to Argentina??? What was he thinking?
We all should remember that questions still remain unanswered relative to Barack Obama’s purchase of his Chicago residence from political influence peddler Tony Resko, who currently resides at the Chicago Metropolitan Correctional Center awaiting sentencing for corruption. How much do you want to bet that Resko is somehow kept under wraps until Obama leaves office, sooner hopefully rather than later?
No one wants to discuss the sudden wealth acquired by White House Chief of Staff Rahm Emanuel after his short term on the Board of Freddie Mac. Hopefully Emanuel’s legendary foul mouth and harsh tactics will not cover up his mis-deeds as well as association with the Daley Machine and indicted Illinois ex-Governor Rod Blagojevich.
Do you find it strange that illegal and unethical conduct continues in our nation’s capitol when our current leadership promised CHANGE and TRANSPARENCY? Sadly, I am losing confidence in the entire gang in American politics today. Your Commander has long thought that lessons learned in both the Illinois and Chicago political battle ground would eventually flow east to Washington, but it appears to have completed the journey. There clearly is one hell of a lot of additional rotten apples in our barrel than anyone ever suspected, so how can we not expect the rest of the world to look at us suspiciously.
The United States desperately needs a miraculous return of the Founding Fathers and a heavy dose of moral inspiration.