August 31, 2007
Countrywide Mortgage's Orange Mozilo says he did no marketing to potential homebuyers. "They came to us". Sorry, Angelo. Incorrect. Liar.
Did you tailor your business accordingly as this (housing bubble) was happening?
Orange One's Response:
Remember, we didn't reach out to home buyers. They came to us.
Well, that's an interesting thing for the CEO of a publicly traded company to say. You'd have thought he'd have met his own marketing director one day, or approved his massive advertising budget. Guess that slipped his mind.
Folks, Countrywide spent $260,000,000 in 2006 on advertising and promotions (page 179 annual report, and for fun spent $35 million last month on internet ads alone!
"We didn't go to them! They came to us" - come on Angelo, how stupid do you think we are? Too bad Maria isn't a better reporter - she should have called you a bald-faced liar right then and there. Or were you flying her somewhere after the interview?
Boy, the Orange One is gonna have a real tough time in front of Congress answering questions without taking the fifth. Answering a reporter's softballs is one thing - answering under subpoena is another.
Yes, I'm short CFC. What a stinking pile of manure, led by a snake oil salesman who's gonna have some serious trouble staying out of jail. The mug shot will be a hoot though.