The worst part of Angelo's insider dumping is that while he was dumping, as CEO he directed the company to (get this) BUY CFC shares on the open market to keep the price propped up, under the guise that it was "in the best interest of shareholders" to buy back shares (using debt).
Uh, Angelo, bad news, but buying CFC shares on the open market was THE SINGLE WORST THING YOU COULD HAVE DONE FOR SHAREHOLDERS.
From the July 28 CFC call after being questioned on dumping while CFC was buying:
Angelo Mozilo: Yes, well, if you think like that it's -- I don't think like that. The buybacks were done because we thought it was in the best interest of shareholders.
The decision to buy back stock is a collective decision, really emanates from the financial operations of the Company as to what is the best return for the investment of the shareholders, invested capital for the shareholders. So it is totally unrelated to any of my issues relative to the sale of stock.
Disclaimer: F*ck yes I'm short CFC. Just like Angelo, I have no confidence in CFC's ability to continue as a going concern.