Angelo Mozilo, former CEO of Countrywide Financial, and two of his top lieutenants have settled civil securities fraud charges filed against them by the SEC. The settlement includes over $67 million in penalties and reparations, but does not require Mozilo to admit any fault. However, Professor James Fanto, speaking to The New York Times, explains that the defendant was sufficiently punished. "Mozilo is agreeing to a permanent ban on serving as an officer or director of a public company," he said. "This is a significant punishment and does not look good for his legacy."
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