The NY Times Joe Nocera notes that Countrywide Financial’s Angelo Mozilo is the latest winner of the criminalization of business lottery.

Meanwhile, Charles Gasparino explains why those who made faulty business decisions that led to a major U.S. banking crisis really shouldn’t be prosecuted for crimes.

Yet, the reality is that there is no discernible difference between what Mozilo did at Countrywide or what Dick Fuld did at Lehman Brothers with what Jeff Skilling did at Enron.

Yet, Skilling continues to serve a 24-year prison sentence and endure the immense collateral damage of his fate.

On the other hand, Mozilo and Fuld deal with civil litigation and move on with life.

Neither Mozilo nor Fuld should be prosecuted for trying to save their companies. Any responsibility that they have for the demise of their companies can be allocated in the civil justice system among all the responsible parties.

But that Jeff Skilling remains in prison – particularly given the despicable way in which he was put there – remains a serious blot on the American criminal justice system.

A truly civil society would find a better way.