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It just looks bad!
Thursday, October 11, 2007
Yes, the stock sales were conducted under a prearranged 10b5-1 trading plan that allows Countrywide Financial (NYSE:CFC) CEO Angelo Mozilo to set up automatic same-day sales for stock option grants ... but it just looks bad.
And it looks even worse when the press release announcing the stock sale - the third in three days totaling almost 420,000 shares, netting Orangelo over $4 million ...
... comes 47 minutes after a press release confirming the elimination of 4,935 jobs last month, leaving the mortgage lender well short of its stated goal of 12,000 job cuts by December.
Now would be a good time for the remaining Countrywide employees to look down at their green wrist bracelet and repeat, "PROTECT ANGELO'S STOCK OPTIONS", "PROTECT ANGELO'S STOCK OPTIONS".
Also, don't forget to pick up a CountryFried Financial T-Shirt (with the graphic shown above) to go along with the green wristband - they are available for a limited time only over at The Mortgage Lender Implode-O-Meter.
6 comments:
Good for you! This looks bad, smells bad, and is a heckuvalot to swallow. But hey, this country has been getting stupider and working class folks vote Republican - what can one say?
I haven't personally gone thru the filings, so I don't know if it's true, but I read somewhere else that he'd sold like $400 million in total.
From yesterday's NY Times: Stock Sales by Chief of Lender Questioned
After starting a plan in October 2006, Mr. Mozilo twice raised the number of shares that could be sold: once in December 2006, when Countrywide stock was $40.50, and again in February, when it hit a high of $45.03. He has had gains of $132 million since starting the October 2006 plan and expects to sell his remaining shares by the end of the week, a move that will generate millions more.
Most of these were same-day sales of exercised stock options at a strike price between $10 and $15 per share. The actual dollar amount of shares sold since October of last year is well over $200 million - I had the figure at $165 million for 2007 alone.
I would do the exact same if I was in his position! For any of you to say otherwise if you were in his position is not right!
He was right in selling!!! I mean, isn't it better to let him bail himself out while all of his loser employees take the bath instead? He's rich, connected and important. His employees however are just a bunch of working class losers who were lucky just to work for Mr. Mozilo. I hope his bonus isn't affected and suggest he short the employee's raises so he can make those numbers as he's smart, his dumb employees who are bottom feeders wouldn't know what to do with all that money anyway and don't have the balls to play the game like he does!!
Good luck Mr. Mozilo, bury those working class slaves and parachute out a millionaire like you deserve to. Let the suckers who pay taxes worry about your losses as your bigger than that!! Also after the market bottoms out, buy Real Estate low and kick those bankrupt families out into the street where slaves and "little people" belong!!!!!!
And Countrywide is paying for Bono to play for execs at the Mortgage Banker's Association this week.
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