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September 19, 2007

Angelo Mozilo is a Real Insider Trading Putz

posted by MR WAVETHEORY at 9/19/2007 04:19:00 PM
I can't believe what the CEO of Countrywide is saying. After blowing up Countrywide (NYSE CFC) by issuing subprime mortgages to people who shouldn't have gotten them in the first place, he is now blaming the government for causing the subprime meltdown. He is such a hypocrite.

This is what he said when the Fed cut rates by 50 basis points yesterday:

Mozilo said Tuesday's surprise half-point cut in the federal funds rate signals the Federal Reserve "has also realized the importance of home financing and the need to return liquidity to the [mortgage] market."

The current cycle "is the most severe in the contemporary history of our industry," so policymakers need to do more, he added.

Angelo, if the policymakers need to do more, maybe you and your gang at Countrywide need to do less - as in less lending to poor people who can't afford to pay you back on your usurious loans! Oh, by the way Angelo, aren't you the same guy who sold $10 million of stock in Countrywide at $28 per share 2 weeks before the whole mortgage market started coming apart and CFC got cut in half to $15! What kind of CEO are you? Don't answer. I'll answer for you: the self dealing scumbag kind!

Angelo, the regulators aren't at fault for the mortgage mess that you got yourself into! So stop blaming them. Wake up and face the facts! If the SEC needs a target for insider trading, they should start with you Angelo Mozilo.

Mozilo ... hmmmm.... Mozilo ..... Sounds like an evil villain. Don't let his gray hair trick you into thinking that he's an honest banker.

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