He left Parkhead six months before his Celtic deal was due to expire after talks over an extension broke down.
He has now suggested Mowbray was happy to concede to his wage demands but was vetoed by chief executive Peter Lawwell and majority shareholder Dermot Desmond.
Caldwell said in the Scottish Sun: "You have to ask Peter and Dermot if they underestimated me as a footballer.
"They judged me and their judgment was a little bit off from mine. I have no regrets - I had three and a half years there and they were great for me. Hopefully I was good for them.
"But the boss had one opinion and the club had a different one. I think the club won in the end."
He added: "The gaffer told me at different times he wanted me to stay. Ultimately, we came to a crossroads and it went the wrong way for me and my future at Celtic.
"There was one negotiation between my agent and Peter."
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