From the New York Times
“Inside Job,” a searing piece of muckraking on the causes of the financial crisis, took home the Oscar for Best Documentary.
Charles Ferguson, the film’s outspoken director, stayed in character when he bounded up on the stage and opened up his remarks by lambasting the Wall Street crowd.
“Forgive me, I must start by pointing out that three years after our horrific financial crisis caused by massive fraud, not a single financial executive has gone to jail, and that’s wrong,” Mr. Ferguson said, as the Hollywood crowd erupted in applause.
Examining why the government wasn’t bringing criminal charges against Angelo Mozilo, the chief executive of mortgage lender Countrywide Financial, Mr. Nocera observed that through the crisis and up until today, Mr. Mozilo praised subprime loans as a way to help lower-income individuals buy into the American dream. For every email in which Mr. Mozilo acknowledged the dangers of subprime lending, there was other evidence that he thought Countrywide’s mortgage business was strong. Mr. Nocera points to recently released government testimony in which Mr. Mozilo calls Countrywide “was one of the greatest companies in the world.”
“Mr. Mozilo would have been difficult to prosecute,” Mr. Nocera concludes. “Delusion is an iron-clad defense.”