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."
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)
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.
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5 comments:
Keith, Did you photo shop that photo?
Angelo marry me and we'll have little baby oranges
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
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!!!
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???
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