Hey BofA Shareholders! You're Paying Mozilo's Legal Fees

angelo mozilo

Another thing to be pissed off at Ken Lewis about if you’re a Bank of America (BAC) shareholder: You’re paying for Angelo Mozilo’s legal defence, as fe faces civil fraud charges from the SEC.

Granted, The Tanned One had that agreement in place with Countrywide prior to the sale, and Bank of America inherited that when it bought the company. And it’s also true that in Q1 Countrywide was a big contributor to Bank of America’s earnings. So maybe you should be grateful! A few extra lawyer bills are a small price to pay.

Although if the refi boom melts in the face of higher interest rates… Well then that Countrywide arm will then be re-exposed as the garbage you always figured it was.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.