看新闻学英语4.docx
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Countrywide’sEx-ChiefSettlesFraudCasefor$67.5Million
ByGRETCHENMORGENSON
Published:
October15,2010
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AngeloR.Mozilo,thefounderandformerchiefexecutiveofCountrywideFinancial,oncethenation’slargestmortgagelender,agreedtopay$67.5millionFridaytosettleacivilfraudcasebroughtbytheSecuritiesandExchangeCommissionlastyear.
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AngeloMozilo,founderandformerchiefexecutiveofCountrywideFinancialCorporation.
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ThesettlementcamejustdaysbeforethecaseagainstMr.MoziloandtwoformercolleagueswasscheduledtogototrialbeforeajuryinLosAngeles.
ThetwocolleaguessettledtheircasesFridayaswell.DavidSambol,theformerpresidentofCountrywide,agreedtopay$5.52million,andEricSieracki,theformerchieffinancialofficer,consentedto$130,000.
Undertheagreement,thethreemendidnotadmitwrongdoing.
Mr.Mozilo’sagreementwiththegovernmentrepresentsahumblingmomentforoneofmostaudaciousandflamboyantchiefexecutivesinthefinancialindustry.ThesonofaBronxbutcher,Mr.MozilostartedCountrywidein1969withDavidLoeb,abusinesspartner;togetherthemenbuiltthecompanyintoabehemothwith$11.4billioninrevenuesatitspeakin2006.
ButCountrywide’sforayintosubprimelendingandotherriskyloansledtoitsdownfall,andinearly2008,hobbledbymountinglossesonloans,thecompanywaspurchasedbyBankofAmericainafiresale.Mr.Moziloleftthecompanyshortlythereafter.
InitscomplaintfiledinJune2009,theS.E.C.hadaccusedMr.Mozilo,Mr.SambolandMr.SierackiofhidingfrominvestorsthegrowingrisksinCountrywide’soperations.ThecomplaintalsocontendedthatMr.MoziloandMr.Sambolimproperlygeneratedprofitsoninsiderstocksalesevenastheywerealertedtothecompany’swideningwoes.
Mr.Mozilowasnotpresentforthecourthearing.
RobertKhuzami,directorofenforcementattheS.E.C.,saidinastatement:
“Mozilo’srecordpenaltyisthefittingoutcomeforacorporateexecutivewhodeliberatelydisregardedhisdutiestoinvestorsbyconcealingwhathesawfrominsidetheexecutivesuite–aloomingdisasterinwhichCountrywidewasbucklingundertheweightofincreasingriskymortgageunderwriting,mountingdefaultsanddelinquencies,andadeterioratingbusinessmodel.”
Mr.Mozilo’strialhadbeenwidelyanticipatedbecauseitrepresentedoneofthefewpublicprosecutionsofacaseagainstamajorparticipantinthemortgagecrisis.Still,boththedefenseandtheprosecutionfacedbigrisksiftheylostattrial,legalexpertssaid,andthismayhavepropelledtherecentnegotiationstobringaboutthedeal.ThesettlementwasapprovedbyJohnF.Walter,thefederaljudgeoverseeingthecase.
HadtheS.E.C.wonthecase,itwouldhavehelpedtheagencyre-establishitsreputationasaninvestoradvocate,whichwasbadlydamagedbyinactionintheyearsleadinguptotheMadoffPonzischemeandthemortgagedebacle.AlosswouldhavebeenanotherblackeyefortheS.E.C.
AvictorywouldalsohavebeencrucialforMr.Mozilo,whowouldbeconcernedthatacriminalprosecutionmightfollowalossinthecivilcase.
RebeccaCathcartcontributedreporting.
BernankeSignalsIntenttoFurtherSpurEconomy
BySEWELLCHAN
Published:
October15,2010
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BOSTON—TheFederalReservechairman,BenS.Bernanke,appearedtoremoveanylingeringdoubtFridaythatthecentralbankwouldtakenewactionstofortifythetorpidrecoveryandfightlowinflationandhighunemployment.
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BenS.Bernanke,theFedchairman,saidinBostononFridaythatthecentralbankwaspoisedtotakestepstohelpfightunemployment.
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TheimpactoftheFed’smostlikelycourse—resumingvastpurchasesofgovernmentdebttolowerlong-terminterestrates—wouldripplefarbeyondAmericanshores.Thenewactionscouldcontributetotheweakeningofthedollarandcomplicateafesteringcurrencydisputethatthreatenstodisruptglobaltraderelations.
FormostAmericans,additionalFedactivityislikelytomeanthatalreadylow30-yearmortgagerateswillfallevenfurther.Themoveswouldnothelpsavers,asyieldsoncertificatesofdepositandsavingsbondswouldprobablyalsofall.ButtheFedhopesthatbymakingcreditevencheaperitwillencouragebusinessesandconsumerstoborrowandspend,andthatcouldeventuallybringrelieftojoblessworkers.
“Giventhecommittee’sobjectives,therewouldappear—allelsebeingequal—tobeacaseforfurtheraction,”Mr.Bernankesaidinadetailedspeechatagatheringofeconomistshere.
Mr.Bernankesaidthat“unconventionalpolicieshavecostsandlimitationsthatmustbetakenintoaccountinjudgingwhetherandhowaggressivelytheyshouldbeused.”ButhesuggestedthattheFedwaspreparedtomanagetherisksassociatedwithvastnewpurchasesofgovernmentdebt.
AsMr.BernankesentamessagetothemarketsthattheFedwaspreparedtowanderintounchartedterritory,hetriedtoanticipateandaddresspotentialcriticism.
“Onedisadvantageofassetpurchasesrelativetoconventionalmonetarypolicyisthatwehavemuchlessexperienceinjudgingtheeconomiceffectsofthispolicyinstrument,whichmakesitchallengingtodeterminetheappropriatequantityandpaceofpurchasesandtocommunicatethispolicyresponsetothepublic,”hesaid.
Mr.Bernankeaddressedacriticismofnewassetpurchases,thattheywould“reducepublicconfidenceintheFed’sabilitytoexecuteasmoothexitfromitsaccommodativepoliciesattheappropriatetime.”Suchareductioninconfidence,“evenifunjustified,”couldleadtoanundesirableincreaseininflationexpectations,hesaid.
Fornow,inflationappearsremote.AsMr.Bernankespoke,thegovernmentreleasedtheSeptemberfiguresfortheConsumerPriceIndex,showingariseofonly0.1percentfromthepreviousmonth.Thecoreindex,excludingenergyandfood,wasflat.
Mr.Bernanke’scommentsinBostonstronglysuggestedthattheFederalOpenMarketCommittee,whichsetsmonetarypolicy,islikelytotakenewstepsatitsnextmeeting,onNov.2-3.
TheFed’sbalancesheethasnearlytripled,toabout$2.3trillion,sincethefinancialcrisisof2008.MostoftheincreasecanbeattributedtotheFed’spurchasesof$1.7trillioninmortgage-relatedsecuritiesandTreasurysecuritiesin2009-10.TheFedhastestedanumberoftechnicaltoolstodrainthelargepoolofbankreservesthatitcreatedtopurchasethosesecurities.
“Withthesetoolsinhand,IamconfidentthattheF.O.M.C.willbeabletotightenmonetaryconditionswhenwarranted,evenifthebalancesheetremainsconsiderablylargerthannormalatthattime,”Mr.Bernankesaid.
Mr.BernankealsoweighedoneothertooltheFedcouldtake:
communicatingthatitintendedtokeepshort-terminterestratesatnearlyzeroforevenlongerthanthemarketsnowexpected.(TheFedhasbeensayingsinceMarch2009thatthebenchmarkfederalfundsrate,atwhichbankslendtoeachotherovernight,wouldremain“exceptionallylow”for“anextendedperiod.”)Changingthestatementcouldhelplowerlonger-termrates.
“ApotentialdrawbackofusingtheF.O.M.C.’sstatementthiswayisthat,atleastwithoutamorecomprehensiveframeworkinplace,itmaybedifficulttoconveythecommittee’spolicyintentionswithsufficientprecisionandconditionality,”Mr.Bernankesaid,hintingthatthatstrategywasnothisfavoredapproach.
Mr.Bernankeusedhisspeechtoplanthimselffirmlyonthesideofthosewhoviewedthehighunemploymentrate—9.6percent—asanoutcomeofthesharpcontractionineconomicdemandthataccompaniedthefinancialcrisis,ratherthanstructuralfactorslikeamismatchbetweenworkers’skillsandtheskillsrequiredbyemployers.
DisappointingsomeWallStreetanalysts,Mr.Bernankedidnotrevealdetailsofthemagnitudeandpaceofanynewdebtpurchases—astrategyknownasquantitativeeasing.
Instead,andinlinewithhisbackgroundasaprofessorwhotaughtatStanfordandPrincetonuntilhejoinedthegovernmentin2002,Mr.Bernankeoutlinedtheintellectualcasefornewaction.
Heacknowledged,withgreatercandorthanFedofficialsnormallyuse,thetensionbetweenthetwopartsoftheinstitution’sdualmandate:
promotingpricestabilityandmaximumemployment.
“Whereasmonetarypolicymakersclearlyhavetheabilitytodeterminetheinflationrateinthelongrun,theyhavelittleornocontroloverthelonger-runsustainableunemploymentrate,whichisprimarilydeterminedbydemographicandstructuralfactors,notbymonetarypolicy,”Mr.Bernankesaid.
Therefore,Mr.Bernankeseemedtoframehisargumentfornewactionsmoreintermsofpreventinginflationfromgettingtoolowthanintermsofimprovingthejobmarketquickly.
“Inlightoftherecentdeclineininflation,thedegreeofslackintheeconomy,andtherelativestabilityofinflationexpectations,itisreasonabletoforeca
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