Everyone’s pointing their fingers as a fraud case against former executives of Countrywide Financial Corporation moves toward trial. Perhaps not surprisingly, one top exec has argued that he’s not to blame because he relied on the advice of the mortgage giant’s in-house lawyers.
No, it wasn’t Angelo Mozilo, Countrywide’s founder and chief executive, whom the Securities and Exchange Commission accuses of playing the central role in misleading investors about the company’s lending practices. The official in question is Eric Sieracki, the former chief financial officer at Countrywide, which was acquired by Bank of America Corporation in 2008.
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