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Angelo Mozilo is the poster boy for this. He paid a personal fine.

He made $470 million running Countrywide into the ground and had to pay a fine of $67.5 million.

Retired to live out his old age worth about $600 million.

Who is the fool in this equation? Hard to say it is Angelo.

Perhaps he should have paid a bigger personal fine, assuming he was entirely responsible for the institution's failure as a result of misconduct or negligence.

My issue with clawbacks is that they set an upper bound of $470 million for a fine in his case, when I think the fine should be whatever it takes to deter lawbreaking.

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