International Law

A Voice from the Past

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Over 2 years ago, Greg Newton, sadly deceased, was already following Mozilo and his antics at Countrywide Financial.

Angelo Mozilo, chairman and chief executive officer of Countrywide Financial Corp. (CFC), showed up on BuffoonVision yesterday, talking about unnecessary liquidity crises and otherwise desperately spinning the need for an urgent Fed rate cut. Liquidity crisis?

On Monday, Mar. 12, Mozilo unloaded 70,000 CFC shares for $2.45 million...to go with the 70,000 shares he sold for $2.62 million on Friday, Mar. 8...to go with the 46,000 shares he dumped for $1.67 million on Mar. 6...well you get the idea.

Since Feb. 1, Mozilo has sold 882,000 shares for $35.3 million, averaging $40, compared with CFC's $33.49 close yesterday.

Nice trade, not that it was worthy of a mention in the interview.

But Mozilo did come up with one for the ages:

The loans themselves are not problematic.

It's who they were sold to and how they were used.

Yesteryday, the WSJ reported on Mozilo that  "The Securities and Exchange Commission accused former Countrywide Financial Corp. Chief Executive Angelo Mozilo and two former lieutenants of fraud, and unveiled emails from the height of the housing boom in which Mr. Mozilo warned of his company's "toxic" subprime mortgages.

The civil charges against Mr. Mozilo, former Chief Operating Officer David Sambol and former Chief Financial Officer Eric Sieracki are the first against high-profile executives stemming from the subprime mortgage meltdown. Federal prosecutors in Los Angeles are conducting a criminal investigation."

I wonder how many other miscreants Greg identified on his blog that are still waiting for theirs?

Full post as published by Misleading Advertising Law on June 05, 2009 (boomark / email).