HousingPANIC calls on Barack Obama to dump REIC-scum ex-Fannie-Mae CEO James Johnson from VP search team. WHOOPS! Looks like that just got done...

I've been away for a bit, but saw a piece in the paper yesterday on the train about the REIC scum who found his way onto the Obama campaign - the ex CEO of Fannie Mae who just LOVED corrupting other companies and robbing their shareholders when sitting on their comp committees, while also taking obvious personal bribes from FREAKING ANGELO MOZILO!

So I was gonna do a scathing post today flaming James Johnson, and also Obama for being stupid enough to associate himself with yet another piece of should-be-in-jail REIC trash.

And then I read right now that this problem has been dealt with and the dude is gone today.

Man, that was quick.

I think Obama screwed up in such an obvious way - I mean seriously, having the former CEO of freaking FANNIE MAE on your team during the biggest housing crash in world history? Stupid, stupid, stupid. But what really grossed me out about this guy is his OK'ing of lavish CEO pay packages as he sat on the board of companies like United Health, where he green-lighted giving the CEO $1.2 BILLION in stock options.

Come on Obama. What the f*ck were you thinking? Especially since YOU'RE THE ONE WHO INTRODUCED LEGISLATION TO CUT BACK ON LAVISH CEO PAY PACKAGES!!

Anyway, nice to see this dude get tossed on his ass today. I hope President Obama will be a nice change from Bush - who when he made a mistake denied it, and kept digging, and digging, and digging some more. Obama makes a stupid mistake and POW, fixes it within hours.

Former Fannie Mae chairman quits Obama’s VP search team

Obama's failure to vet the vetter

Vetting a Vetter: Obama’s Pick Fuels G.O.P. Criticism

Here's thestreet.com staffers mocking Orangelo Mozilo of Countrywide Toxic Mortgage, and some more negative press today

Funny video at thestreet.com. Wish I could embed it but here you go.

How's Angelo Mozilo going to spend that $100 million?

"Tanning - he's gonna go tanning"
"I believe he's putting it in Countrywide CD's"
"He's buying nothing but Crystal!"
"I'm pretty sure he'll contribute his earnings to the Ron Paul Presidential campaign"

Lots of great negative press on The Orange One in the MSM today. Glad they're paying attention now.

CNBC: Countrywide's Mozilo: Was He "Wrong" To Sell Stocks?
International Business Times: Countrywide (CFC) CEO the Next Martha Stewart?
NY Post: COUNTRY-FRIED - COUNTRYWIDE BIZ SINKS AS MORALE HITS LOW

Yes, like Mozilo I'm short CFC

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."