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.
September 13, 2007
Angelo Mozilo has sold $355,658,743 in Countrywide Mortgage stock, selling even as Countrywide was buying shares on the open market. Hmmmmm......
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16 comments:
Well that's capitalism's endgame. One guy with all the money and everyone else eats sh*t.
But Ron Paul supporters should like that. Unfettered capitalism. No regulation, no taxation and no fairness.
Not sure why you object to Mozilo's actions. ????
Too bad Countrywide used that cash to buy shares they really need that cash now
In and of itself, selling stock and buying back shares isnt nefarious. This sort of thing very routinely happens at almost every fortune 500 company. Unless you can show that there was some sort of fraudulant accounting going on then there is nothing to see here. All of this was public knowledge when investors chose to buy the stock.
has anyone ever ripped a bank off for 355 million..and gotten away ?
has anyone ripped off the government for 355 million and got away ?
has anyone ever ripped off the mob for 355 million and got away ?
so why he is allowed to rip us off ?
then ask for a bailout
hes a crook.....soon to be convict
but i dont want to pay for his food ..do you ?
not even ramen
put him in a cell with big and dirty bubba the man molestor
and turn a blind eye
$355,658,743.00... holy blown mortgage, Orangeman. Too bad all of the MSM didn't call him on it at every opportunity.
Well knowing his greed, there's some chance that he invested it in hedge funds.
Now, the employees of CFC are sueing the company and Mozilo for the loss of millions of dollars in their 401k accounts.
When it hits, it hits hard...
Poor guy - he's bullish on the dollar, Indymac and Countrywide, but looks like he's lost patience with Orangelo:
Dessauer has advice for Countrywide's Mozilo
Commentary: 'Hey, Angelo, buy some shares ASAP. OK?'
I would love to see Angelo (Mozilo, Countrywide's CEO) buying several millions of dollars' worth of stock with his own money. (CEO) Michael Perry bought $1 million worth of his company, IndyMac. Why can't Angelo follow suit with an appropriate amount? ... Hey, Angelo, buy some shares ASAP. OK?"
http://tinyurl.com/2zvzfa
With $340 million in the bank Tangerineo can buy some hit men careful Kieth!
Mozillo should return all that money to employees who were swindled by him.What a crooked system we have in the usa.The rich get all the tax breaks and keep screwing the little man.I am going to join the class action lawsuit today, all in baby.
There is some truth in his statement that the buy back was done in the interest of share holders. He was/is a shareholder, so it was in his interest to buy back the shares.... doesn't necessarily have to be in the best interest of ALL shareholders...
No more black and white photos. The orange doesn't show through....or maybe it does a little.
> has anyone ripped off the government for 355 million and got away ?
Well... ummm... there's this place called "Iraq" that you might of heard of...
I have a bigger problem with him selling the shares and making very optimistic comments. However, buying back shares is not a problem. Many companies buy back shares in lieu of a dividend. So if they didn't buy back shares they certainly would have used that money for a dividend. Now the question is, when you have a large shareholder intent on selling a lot of shares is it better for the company to issue a fat dividend or buy back shares on the open market?
he will lose 1/2 to fines and bribes. walk away with over $100 MILLION. Never hear from him again....
Ouch - Countrywide up 14% ... that hurts in the shorts don't it?
IF YOU THINK HES GONNA GO TO JAIL THEN YOU MUST THINK THAT YOU WILL NOT GO NTO JAIL IF YOU TRY TO GROW SOME FORM OF SYNETHIC FUELS OR TOBBACO ON YOUR PRIVATE PROPERTY IN ORDER TO MAKE YOURSELF SELF SUFFICIENT AND SELF SUSTAININ
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