October 10, 2007

Hi. I'm Angelo Mozilo of Countrywide. I duped homedebtors into signing up for toxic loans and then I dumped hundreds of millions in CFC stock.



Any questions? Good. Oh, I also had my company buy back stock with shareholder money to prop up the price as I dumped it. Any questions? Good. Oh, I also laid off thousands of Countrywide employees as I was enriching myself. Any questions? Good.

(note - just like Angelo I'm still short CFC)

Some executives might be tempted to establish plans to sell stock when they anticipate the stock price might fall in a coming quarter, perhaps because a big customer has warned it intends to renegotiate a contract. And erratic trading also looks suspicious, even though that could occur because the stock misses a target price for months at a time.

But the suspicions are especially keen, the panelists said, when executives modify, suspend or terminate their plans. For example, a pension is suing Countrywide Financial after CEO Angelo Mozilo sold more than $50 million of stock through a 10b5-1 plan he had modified about the time when regulators were scrutinizing subprime loans.

"I think it's dangerous to terminate or modify a plan," said Alan Dye, a partner with Hogan & Hartson in Washington D.C.

"It's better to just go ahead and live with the plan."

5 comments:

Anonymous said...

Keith, Did you photo shop that photo?

Anonymous said...

Angelo marry me and we'll have little baby oranges

Uncle Al said...

Remember when he told Maria he could not sell shares under $28.

Well, he lied. He started selling again. Shares are now under $20.

NEW YORK, Oct 9 (Reuters) - Countrywide Financial Corp … Chairman and Chief Executive Angelo Mozilo has resumed selling his stock in the troubled mortgage lender under a provision in a prearranged trading plan that has no threshold.

http://tinyurl.com/2mmcgn

Anonymous said...

http://tinyurl.com/yulmlz

AND I will refuse to modify or renegotiate those toxic loans unlike all my industry peers because I can make more money in fees by foreclosing rather than work with the FBs I dupped into taking toxic loans so they can stay in "their" homes!! YEAH!!!

Anonymous said...

Something about this guy just makes me want to grasp a gun and look at him throught the sights...... I just don't get it???