Saint Angelo

Anyone read this "sympathetic" story? The timing can't be a coincidence... http://www.newyorker.com/reporting/2009/06/29/090629fa_fact_bruck http://online.wsj.com/article/SB124580072182144565.html let's try to remember http://www.sec.gov/litigation/complaints/2009/comp21068.pdf On the insider trading charge against Mr. Mozilo, the SEC complaint contended that from 2006 to 2007 he sold $139 million... [more]

Anyone read this "sympathetic" story? The timing can't be a coincidence... http://www.newyorker.com/reporting/2009/06/29/090629fa_fact_bruck http://online.wsj.com/article/SB124580072182144565.html let's try to remember http://www.sec.gov/litigation/complaints/2009/comp21068.pdf On the insider trading charge against Mr. Mozilo, the SEC complaint contended that from 2006 to 2007 he sold $139 million worth of Countrywide stock "while in possession of material, nonpublic information concerning Countrywide's increasing credit risk and the risk that the poor expected performance of Countrywide-originated loans" would eventually prevent the company from continuing its business model of selling mortgages into the secondary market. http://www.mysanantonio.com/news/MYSA021708_01A_Cisneros-Countrywide_3584118_html19567.html Analysts say it's unlikely a board member like Cisneros would have had a major say in company decisions. There's a widely held belief that Mozilo ran the company he founded as he wanted. "This is Angelo's company," said Paul Miller, analyst with Friedman, Billings, Ramsey & Co. "The board didn't do very much to rein him in." [less]