Smooth.
Real smooth.
Man, I'd check my watch after shaking hands with that cat.
Meanwhile, Maria sure is a softball tosser.
What questions would you ask Mozilo HP'ers? I'll see if he'll give us an interview. He he he.
Interesting to hear him say that CFC can't go to the Fed discount window because if I heard him right, THE BANK HAS NO ASSETS or access to Countrywide Home Loan assets.
Break that one down HP'ers. And yes, I'm short CFC. Nice to see the market call BS on this blatant pump and dump today.
Mozilo also called the Merrill analyst who reported that CFC might go bankrupt "irresponsible" who was yelling fire in a crowded theatre, and who (sob sob) negatively effected 61,000 Countrywide employees. Angelo, Angelo, Angelo, don't blame the messenger. Blame yourself for giving loans to liars while selling hundreds of millions of dollars of your sinking ship.
Angelo Mozilo - the new posterboy for greed, housing bubble style. Will he go the way of Ebbers and Lay? Time will tell.
53 comments:
he will make someone a nice bitch in jail
EBBERS was bankrupt when he was sent to jail, so no money to pay off the politicians
LAY was free for two years before he was put on trial. He then died of a convenient haert attack just before he was to go jail
Mozilo,has at least 500 million in the bank, how many politicians, police and judges do you think that can buy.
A question for Mozilo is " Why did you not use some of the money from last years stock sales to help bail out Countrywide?"
What a pathetic interview. Not one question about his stock dumping
When did Maria get horse lips?
The dude is orange!
Only in America can you be orange, suck a cool half billion out of a company, drive it off the precipice and moan about the fate of your 61,000 serfs.
Haggis
The guy looks like an Oompa Loompa.
That dude scares the hell out of me.Looks the the biggest schiester on the block to me.Can you imagine reporting to this guy?I would be scared shitless that I would be killed if I made a bad move.I imagine there is some secret room where he has his cronies rough up disobedient employees. Sacry dude I must say.
Don't worry. DOPES is on his way to buy CFC shares.
That man is going to wind up with skin cancer.
aaahhhh, he's been selling stock because he's concerned about paying for his 9 grandchildren's education.
Can't those 61,000 laid off workers get jobs painting toys for Mattel using lead-free paint? Seems like that would be a win-win solution to their job loss AND bring those exported jobs back to the good 'ol USA. That would end the whining on two fronts.
SOME CRASH TODAY HUH GUYS?!
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Rates on 30-Year Mortgage Rates Sink!
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Gross: Bush needs to rescue homeowners!
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AND HE WILL!
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THANKS GUYS!
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HOW IS THAT RENTIN GOING?
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HAHAHAHAHAHAHA!
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DOPES!
Keith,
I saw his interview on CNBC and gotta say he was pretty good. He's not pussyfooting. He's saying things look pretty bleak, will probably get worse and there is no magic bullet.
Yeah so he sold his shares, who wouldn't? He's be an idiot to not have sold his shares.
Your hatred of him is as over the top as your hatred of Phoenix and also as nonsensical.
When men in expensive suits with orange skin start to panic, SO SHOULD YOU.
Your hatred of him is as over the top as your hatred of Phoenix and also as nonsensical.
_____
I disagree. Hatred of Phoenix is nonsensical.
Hatred of Angelo Mozilo is normal and understandable.
Keith rightly points out that he wrote loans to liars while dumping his own stock......and now he wants BofA, Warren Buffet, the Fed...whoever....to bail him out.
Sick.
Bush needs to rescue homeowners!
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AND HE WILL!
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If Bush could, he would have by now.
Don't ya think, dopes?
I don't hate anyone or anything
I'm saddened that Phoenix is turning into a hellhole
I'm outraged that Mozilo and friends gamed the system and ruined America for their personal financial gain
Hope that helps
Man everytime i read these post i feel a mosquito buzzing in the air.
There it is that "DOPE".
Anyone thinking Mozilo reads HP? If he got mad, would he turn red, or just more orange?
He wants to be able to sell his stock for $45 a share again.
"The panic has to go away." The panic will only grow through the rest of the year and next year.
IF he's so confident about his company why is he dumping shares as the stock collapses?
Wouldn't he stop the selling if he thought the shares were too cheap?
exactly.
I especially liked his comment that "some" of the loans made over the last several years shouldn't have been made. Sounds like an admission to me.
UH OH!
WASHINGTON (Dow Jones)--Bank of America Corp. (BAC) can't convert its $2 billion investment in Countrywide Financial Corp. (CFC) into common stock, the Office of the Comptroller of the Currency said in its letter approving the investment. "Our conclusion is subject to the condition that (Bank of America) will not exercise the right granted to holders of the Securities to convert the Securities into common stock of (Countrywide) so long as the Securities are held by (Bank of America) or any subsidiary" of Bank of America, OCC chief counsel Julie Williams wrote Wednesday in a letter obtained by Dow Jones Newswires. Williams said this condition was enforceable under the law. The letter was addressed to Bank of America general counsel Timothy J. Mayopoulos. Bank of America "represents it will not at any time exercise its right as holder of the Securities to convert them into (Countrywide) common stock," Williams wrote. The $2 billion investment was approved quickly, as Bank of America approached the OCC about the investment within a week of receiving regulatory approval. Williams also said that Bank of America's investment would not "confer voting rights" as long as the "yield is current and the issuer is not attempting to alter the holders' rights under the instrument." -By Damian Paletta, Dow Jones Newswires, 202-862-9241; Damian.Paletta@dowjones.com
Keith rightly points out that he wrote loans to liars while dumping his own stock......and now he wants BofA, Warren Buffet, the Fed...whoever....to bail him out.
Sick.
August 23, 2007 10:21 PM
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If BofA wants to bail him out what do you or Keith care? If the Fed bails him out, yeah that is BS. But I have not heard him call for that.
If BofA wants to bail him out what do you or Keith care? If the Fed bails him out, yeah that is BS.
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What difference does it make, who bails him out?
You are sidestepping the point, which is that Mozilo has profitted nicely while running his company badly. He has made his bed, he should sleep in it instead blaming an analyst.
I'm saddened that Phoenix is turning into a hellhole
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That's so silly, Keith. It's the same place it was in the mid 90s, which you pointed to as some golden age of Phoenix.
I've lived here since 90 so I'm qualified to make the comparison.
The housing bust is gonna be rough, no doubt about it. But people are resilient and even if there is a depression, Phoenix will still be here, still buzzing with snowbirds in the winters. When more electric cars are on the road, maybe the air will be more breathable in the winters.
I love how he wants the Fed to lower the discount rate so he can go someplace where his credit is still good.
After liquidating $50 million plus in stock this year, I have a hard time feeling sorry for him. If he wants to help his employees, I know he's got the resources. But he won't be able to buy that new ivory back scratcher for Christmas;-)
The US Dollar is about to rise meteorically against all major currencies and commodities in an all-out central bank campaign to drive the dollar up one last time before letting it tumble as it intervenes massively in the US stock market.
There will be a short-term dip in the major stock indices as the dollar is driven up, followed by a massive DROP in the dollar as stocks rocket upward.
Oompa, Loompa, doom-pa-dee-do,
I am Mozilo lying to you.
Oompa, Loompa, doom-pa-dee-dee,
I will get rich while you're up a tree.
Oompa, Loompa, doom-pa-dee-da,
Close your eyes sheeple, give me a "baaaa".
Oompa, Loompa, doom-pa-dee-ding,
200 million serfs and a handful of kings.
If the CFC bank could have "access" to CFC loans then he would stuff the bank full of his toxic waste and thgere would be the taxpayers on the hook.
Maria should have asked him about why he was buying back shares with company cash, much needed now, while he was selling his free options stock at a huge rate.
the bank has no assets?!? he said it!
Five steps to reviving Countrywide.
http://tinyurl.com/3b54al
Homeowner group slams Countrywide
NEW YORK (CNNMoney.com) -- Countrywide Financial, the nation's biggest home lender and one of those most affected by the subprime mortgage crisis, found itself the target of stinging criticism Thursday from an organization trying to help homeowners in peril.
http://tinyurl.com/2unjdv
Tangelo looks even more turkey basted and baked than usual.
Kieth-When Mozilo comes out ,and confirms a recession,and acknowledges a housing crash this means to me that CFC is in the bag with a host of other fed coddled corporations.CFC in the "American Freee Capitalist market",the one we were led to believe existed in grade school,would have been gone long ago.Hate to say it,but if the bears crap in the woods ,and nobody saw it then it didn't happen.That 2billion+11.2 billion over the last week was a prop job portrayed as business for the dipsticks.In other words they did go bankrupt,and have been bailed out ,and will get bailed from here to eternity.
Mozilo's polishing brass on the Titanic. It's all going down, man.
Countryfried!
Keith,
I would like to thank you for this blog. I sold my house in 2005 and have been renting since. I have to admit, this blog influenced my decision to undertake the aforementioned actions. Thank you again. I'd like to share a another blog site with you and everyone here, perhaps you can put it up and perhaps the other blog site can put up HP on their site as well. All HPers need not worry, we have logic and the fundamentals to support us.
http://market-ticker.denninger.net/2007/08/thumped-thursday-mozillo-calls.html
The gentleman who blogs here like Keith has been spot on in his predictions. This blog presently is concentrating on CountryWide and some serious reasons as to why CoutryWide will be filling Ch 11 shortly and why the Bank of America 2Billion "investment" was nothing more than a farce, referred to as the "death spiral" of CountryWide.
Why are all these asshole Democrats trying to bail out the Wall Street gangsters?
Hillary Clinton
Barrack Obama
Chris Dodd
Charles Schumer
Barney Frank
They should all be voted out of office, the scumbags. at this point, I would vote for that dumbass Bush over any of these Wall Street bootlickers.
The two questions I would have asked:
1. Wasn't this crisis inevitable because of recklessly low lending standards?
2. Why wasn't your company ready?
Give Countrywide this much: They're still making payroll. First Magnus waited till they didn't have enough cash to make their next payroll and then laid everybody off. Repulsive.
That picture: this dude is like the creature from the black lagoon, in a suit, with his hair combed, and sporting a sun tan...
Keith,
This greaseball's ravioli sauce. Let's talk about Mr. Gross at Pimco who is stridently urging the gov't to use 'fiscal stimulus' somehow to rescue homeowners.
Sounds like Gross's balls are in the vise, perhaps holding a lot of crap paper at close to trillion dollars under mg't at Pimco.
My opinion the 'demand pull' inflation emanating from rapid stimulus would drive interest rates way up and values way down on all Bonds.
FUNNOMINAL
When did Maria get horse lips?
Citibank Suck Lips
Denninger cuts right to the bone on this:
http://tinyurl.com/246p4d
I wouldn't even think of trading without his analysis.
Anyone know the exact total of the all the stock that Mozila dumped? He knew exactly what was going to happen.
Anonymous said...
Homeowner group slams Countrywide
NEW YORK (CNNMoney.com) -- Countrywide Financial, the nation's biggest home lender and one of those most affected by the subprime mortgage crisis, found itself the target of stinging criticism Thursday from an organization trying to help homeowners in peril.
http://tinyurl.com/2unjdv
August 24, 2007 12:13 AM
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Did you read the whole thing? That article is begging for a bailout for the poor poor "victims" ie FBs.
All this CW bashing is playing right into the hands of the bailout advocates. It was all CW's fault don't you know. The guy making $20K a year with a $500K mortgage is an innocent bystander.
Careful what you wish for. CW's demise may very well be the catalyst for the massive federal government bailout to start.
Countrywide Mortgage cannot use the Discount Window because they are not a bank. Countrywide Bank cannot use the Discount Window because the Mortgages are in Countrywide Mortgage, a separate entity. They cant just move mortgages around.
It is unlikely BOA would invest 2 billion unless they planned on taking the company over if it struggled. It wont go to zero. Below 15 its takeover/buyout time. You better believe that originating 28% of loans last year, and 1/3 of Fannie Mae's business, means your too big to fail. They will be bailed out if/when things get ugly for them.
Short them, but don't expect to see them go to zero.
You aren't half the man your mother was.
Even Maria bartiromo (The babe who makes the market go UP ... even when its down) couldn't make the damn guy look palatable. Hope she took a long shower after, really dont want her catching what he got.
Cool.
Cow_tipping
Maria better get her thyroid checked out. Her eyes are about popping out of her head!
"Hope she took a long shower after, really dont want her catching what he got."
Um, she probably polished his knob to get him on the show and saved the dress.
I think it's really in bad taste to judge someone by their appearance. Maybe he has like the opposite disease Michael Jackson has.
Also, as a CEO he's done more public appearances to save his company than any of these other clowns.
And exploiting stupid people is no shame in my eyes. As long as borrower, broker and lender all were informed of the terms of the deal, no moral or legal crime has occurred. In fact, the fact that Countrywide kept these loans instead of selling them off tells me they were banking on the sustained equity of the housing assets they were backing. I trust Mozilo's moral ground, but while he complains about the press exaggerating the problem, he should have known this was coming when the press was inflating the housing bubble beyond sustainable values.
In a downward market, all the vectors that made the boom occur, reverse and force the values down. Duh.
That being said, I'm still short CFC. I just don't base my decisions on how someone looks.
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