One step closer to jail for The Orange One.
One step closer to Enron and Worldcom for Countrywide.
My only question is - what took so long? This guy pumped up his earnings and stock by putting homedebtors into higher-commission toxic loans when they could have qualified for standard mortgages, then he had Countrywide do stock buybacks when he was dumping shares as fast as he could based on inside knowledge of their impending collapse.
Angelo Mozilo is a liar, a conman, a thief and the physical representation of unregulated greed run amok during the housing bubble and crash.
(yup, still short CFC via Oct puts)
SEC Probes Countrywide CEO's Stock Sales
SEC Reportedly Examining the Stock Sales of Countrywide Financial CEO Angelo R. Mozilo
WASHINGTON (AP) -- The Securities and Exchange Commission is examining stock sales of the chief executive of Countrywide Financial Corp., the nation's largest mortgage lender, a person familiar with the matter said Wednesday.
The informal SEC inquiry of stock sales by CEO Angelo R. Mozilo has been under way for a while, the person said, speaking on condition of anonymity because the probe has not been made public.
State Treasurer Richard Moore, the trustee of a pension fund that holds about 500,000 shares of Countrywide stock worth about $8.6 million, said in a letter to SEC Chairman Christopher Cox that he was "shocked" to learn that Mozilo "apparently manipulated his trading plans to cash in" as the crisis involving high-risk mortgages was heating up.
"As one of many investors who have felt the painful losses in Countrywide stock, I am outraged at his manipulation of the system and this abuse of shareholders," wrote Moore, a Democrat who is running for governor. "The timing of these sales and the changes to the trading plans raise serious questions about whether this is mere coincidence."
Word of the SEC's inquiry "is good news for investors and sends a clear message that the questions raised are serious," Moore said in an e-mailed statement Wednesday.