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Angelo Mozilo's stock sales
Wednesday, August 15, 2007
Now that they're starting to talk about Countrywide Financial (NYSE:CFC) going belly-up (wouldn't that be a lovely addition to the Mortgage Lender Implode-O-Meter?) a review of President and founder Anthony Mozilo's 2007 stock sales seemed to be in order.
What happened in July? Why the break?
Well, that's about 85 million shares sold and 575 million shares outstanding - is that too much for the head guy to sell?
Any of you from Ventura County, please feel free to provide an update on the dozen or two office buildings that were under construction as of a few months ago. It never seemed like they'd get them all built in time to actually get people inside them before things started to unravel.
Full Disclosure: No position in CFC at time of writing.
7 comments:
This just in: Amgen to Cut Up to 2,600 Jobs
That's not going to be good for Ventura County - aren't they the number one employer with lots of high-paying jobs?
Oh, there is also Amgen but guess what they are laying of 14% as well. Can I get an Oh Ya. I'd like to see what that is going to do to the home market.
>What happened in July? Why the break?
Maybe he had to rent a second warehouse to store all the cash?
Hedge-Fund Guy Atones for His Subprime Bond Sins:Mark Gilbert
Dear investor, we'd like to take this opportunity to update you on the recent performance of our hedge fund, Short-Term Capital Mismanagement LLP.
As you know, market selection for the entire fund is guided by a proprietary investing tool we like to call ``a dartboard.'' Once the asset classes are decided, individual security selections are generated by digitizing our unique hexagonal cuboid models.
Unfortunately, it transpires that our hexagonal cuboids are not as unique as we thought. Hundreds of other hedge funds possess identical dice. The technical term for this is a ``crowded trade.'' You may also see it referred to as ``climbing on a bandwagon already headed for the wall.''
...http://tinyurl.com/2o99rf
This just in:
NEW YORK (MarketWatch) -- Troubled mortgage lender Countrywide Financial said it has been forced to tap an $11.5 billion credit facility to fund its operations as difficulty raising money in the credit markets threatened its business. The firm also said it has accelerated its plans to migrate its mortgage production operations into Countrywide Bank, FSB. "For many years, Countrywide's liquidity management framework has focused on maintaining a diverse, multi-layered assortment of financing alternatives," President David Sambol said in a press release. "A primary component of this framework is a committed, unsecured credit facility of $11.5 billion provided by a syndicate of 40 of the world's largest banks. In response to widely-reported market conditions, Countrywide has elected to draw upon this entire facility to supplement its funding liquidity position," he said
Since the end of May 2006, I calculated Leatherface sold about $258 million worth of CFC shares. Nice.
He didn't sell any stock in July because the stock dipped below the preset floor rate at which he couldn't sell it. So then he changed the floor rate so he could liquidate.
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