Friday, April 25, 2008


Did I mention the fact that I hate these people?

Countrywide's Mozilo reaped $132 million as mortgage lender got hammered

Angelo Mozilo, chief executive of Countrywide Financial Corp., earned $10.8 million and cashed out $121.5 million in stock gains as his company got hammered by losses on sub-prime loans last year....

The company reported that Mozilo enjoyed perks worth $176,513, including $44,454 in rides on the company's jet; $23,755 in automobile use; $8,581 in country club dues; and $31,238 in company-paid tax and investment advice....

Calabasas-based Countrywide lost $704 million in 2007, while laying off 11,000 employees...

And Mozilo did it the old-fashioned way -- he (allegedly) cooked the books.

The stock gains were earned when Mozilo exercised stock options and immediately sold them through so-called automatic trading plans, according to a Securities and Exchange Commission filing released Thursday.

As previously reported in The Times, these plans usually allow executives to sell shares in a regular pattern without worrying about insider trading allegations. However, in what experts called highly unusual moves, Mozilo executed two plans and amended one in the months before the sub-prime market's implosion.

The moves allowed him to vastly increase the number of shares he sold before Countrywide's stock tanked last fall. The SEC launched an investigation into stock trading at Countrywide late last year....

The Guardian adds:

Mozilo will leave if Bank of America's takeover [of Countrywide] is approved. BoA's chief executive, Ken Lewis, said he expected the mortgage mogul would want to "go have some fun".

Oh, yes, I'm sure.

Ah, but somewhere in a major metropolitan area right now, two white-collar liberals with a combined six-figure income are at Whole Foods buying arugula -- and wine! Not beer in a can! Without wearing flag pins!

Those people are the true enemies of the white working class!

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