Hey, everybody, it's Kai Rizdahl. Thanks for downloading the Corner Office podcast.

Another episode for you today, a special one. This time, we are covering something that you,

our listeners, have asked us quite a bit.

We're expecting you. Won't you have a seat? Ready to go to work?

Back in March of last year, I sat down with Ben Bernanke, Hank Paulson, and Tim Geithner, Fed chair, Treasury Secretary,

and during the financial crisis of 2008, president of the New York Fed in that order.

We talked for about an hour about the crisis and how we got there and what the three of them did or didn't do to keep the economy from going all the way under.

Anyway, at one point, I said this. The number one question I get, and I'm sure you three get as well. When I go out and do things, we actually asked our listeners for what they want to ask you three. Number one is, well, actually, number one is why didn't anybody go to jail, which we'll get through in a minute. But number two is, why did you let Lehman Brothers fail? I never did get back to that first question, and you noticed. One question I was most interested in hearing an answer on was not asked. Why didn't anybody go to jail? Why is it that there were no convictions? Not one banking executive or mortgage-backed security trader served any jail time.

Somebody was cheating somebody. Somebody or some groups should be held responsible. Did I miss that question? Don't let this subject drop. So we decided we were going to go find the answer,

and we're going to lay it out for you. We talked to academics and judges, former prosecutors,

regulators, and politicians. We talked to him and judges, former prosecutors, regulators, and politicians.

We talked to him on background, and on the record, we read court documents and regulatory filings.

And you know what?

The answer, and we're going to show you how we got there.

We're going to do some history and show you how other financial scandals were handled and explain why 2008 was handled differently.

But the answer to why nobody went to jail, it's really complicated. Our story starts with this guy.

I'm very proud of the home ownership opportunities that Countrywide has provided for over 20 million

families. Angela Mozilla was the founder and during this congressional testimony in 2008,

the CEO of Countrywide Financial.

I'm equally proud of the 39 years of success that we have had as a company.

But there is no question that the past six months have been horrific for many of the homeowners that we serve for our shareholders and certainly for our employees.

By the time of the crisis, Countrywide was one of the biggest mortgage lenders in the country.

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