Professor Joseph A. Grundfest appeared on a segment of American Public Media's Marketplace about "an informal probe of Countrywide CEO Angelo Mozilo for some questionable stock trades." The following is a quote from the transcript:

Joe Grundfest is a professor of law and business at Stanford. He says nobody's accusing anybody of anything yet.

Joe Grundfest: Look, it's part of a natural process of an SEC investigation and no one should draw any inference as to guilt or innocence from the simple fact that an inquiry has been opened.

He says depending on what it finds, the SEC could ask for subpoenas to continue its investigation, it could proceed without subpeonas, or it could drop the case altogether.