One Rich Guy Finally Convicted for Mortgage Meltdown

Besides the whole "loss of your job and your health care and your savings and any hope for the future" thing, the most annoying thing to come out of the recent total global economic collapse is the fact that barely any rich guys have been punished for it.

Not any more! Now it's barely any rich guys plus one. Lee Farkas, the former head of mortgage lender Taylor, Bean & Whitaker, has been convicted on 14 counts of fraud for his role in a years-long $2.9 billion(!) mortgage fraud. Which almost singlehandely caused Colonial Bank to fail, and, in its own small way, contributed to the mortgage meltdown. Standard rich villain stuff.

During the course of the fraud, prosecutors said, Mr. Farkas pocketed some $20 million, which he used to buy a private jet, several homes and a collection of vintage cars.

Farkas faces "decades" in prison. While Angelo Mozilo and Dick Fuld face decades of managing their own immense, too-great-to-ever-spend wealth. Each villain has his own cross to bear.

[NYT. Photo: AP]