So much for Angelo Mozilo taking the fall for the financial crisis.
Late last week, word leaked out that Mr. Mozilo, who had co-founded Countrywide Financial in 1969 -- and, for nearly 40 years, presided over its astonishing rise and its equally astonishing fall -- would not be prosecuted by the Justice Department. Not for insider trading. Not for failing to disclose to investors his private worries about subprime loans. Not for helping to create a culture at Countrywide in which mortgage originators were rewarded for pushing fraudulent loans on borrowers.