The article makes the assumption that criminal activity led to the financial crisis. Rather than poor policy combined with risky behavior by some, and as the above poster said, bad business decisions.
How much did he actually pay out himself in the end? Mozilo's worth ~$600M according to some quick googling. $67M represents ~10% of his net worth (some of which was gained illicitly). From a risk perspective this looks like a great deal! Cheat yourself up to a big fortune and if you get caught so what? You've made it! So I do think the fine should be on the same order of magnitude as the net worth of the individual to really send a message -- and it should not be tax deductible (if it is for individuals, I believe companies can).
I also think there should be a more serve and general ban from the securities industry.