Now how about this:

“The Securities and Exchange Commission staff is readying civil fraud charges against Countrywide Financial Corp. co-founder Angelo Mozilo, in what would be the highest-profile government legal action against a chief executive connected to the financial crisis.

The SEC sent a so-called Wells notice to Mr. Mozilo several weeks ago alerting him to the potential charges, people familiar with the matter said. Mr. Mozilo’s lawyers could still persuade the SEC’s commissioners that there isn’t sufficient evidence to bring a case. . .

The charges the SEC is considering include alleged violations of insider-trading laws and alleged failure to disclose material information to shareholders, according to one person familiar with the matter.

Mr. Mozilo sold $130 million of Countrywide stock in the first half of 2007 under an executive sales plan, according to securities filings, compared with $60 million in the year-earlier period. He had modified his prearranged plan in late 2006 to accelerate the sales.

What corporate bankster that contributed to the entire mess is next up on the perp walk?

>

Source:
SEC Ready to Charge Mozilo With Fraud
KARA SCANNELL and JOHN R. EMSHWILLER
WSJ, MAY 14, 2009

http://online.wsj.com/article/SB124224647957816523.html

Category: Bailouts, Legal

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

57 Responses to “SEC: Mozilo to be Charged with Insider-Trading”

  1. what’s the InTrade on that dude doing SingSing-style Time v. a retreat to ClubFed (see: Allenwood)

    an over/under on ‘profits disgorgement’ would be nice, as well..

  2. wally says:

    It is little and late, but I guess you have to start somewhere.
    If I was one of the big banksters, I’d keep the runway clear at that Paraguay ranch.

  3. Mannwich says:

    Please tell me he will eventually be charged criminally as well. I just hope there are tanning beds in our prisons these days for the Tan Man.

    Quick question – anyone have any idea why Sir Allen Stanford hasn’t been criminally charged yet and his CIO has? Are they just trying to get more evidence first? Seems a bit strange.

  4. quantrix says:

    What you do you think of the defeat of the senate bill to cap the interest rates. I was wondering what the bears reaction to the bill proposal is? Is it fair or do you think the there should be no cap?

  5. call me ahab says:

    BR posted:

    “Mr. Mozilo sold $130 million of Countrywide stock in the first half of 2007 under an executive sales plan, according to securities filings, compared with $60 million in the year-earlier period. He had modified his prearranged plan in late 2006 to accelerate the sales.’

    well- the obvious conclusion is that he saw the writing on the wall- and sold- while pumping up the viability of Countrwide-

    fuck him and the horse he rode in on

  6. call me ahab says:

    the cap was on credit card rates- stupid to put an explicit cap because rates go up and down- ask anyone who lived in the 70′s about 15% interest cap- might have been the very vehicle to take a cash advance against- then deposit in the bank for a 2% or 3% profit-

    need to put a cap based on the prevailing rate of whatever market lending rate they want to use-

    i.e. rates can be no higher than 10% over prime rate

  7. Mike in Nola says:

    Mannwich:

    It is puzzling about Stanford. Here’s the latest article in the Chronicle:
    http://www.chron.com/disp/story.mpl/business/6421393.html

    Dick DeGuerin is claiming that Stanford was working for the Feds. I would be embarrassed to make that claim, but I don’t do criminal work. There is some talk that he was caught by the Feds laundering money for cartels and the DEA has been using him as a source and protecting him, and that’s why he was never investigated. Who knows.

    He may have gotten lucky and this woman who got indicted is just like my wife: complusively does more than she needs/should do and he just sat back and kept quiet so they don’t have a good case on him.

    My wife had to work 11 hours. I had cooked dinner. When we were done eating, I told her I’d make coffee. While my back is turned, she’s washing the dishers. Then when I’m doing something else, she’s putting out the garbage. Sometimes it’s nice, but there’s also the Catholic guilt to deal with, ya know.

  8. Stillaway says:

    I don’t expect to see many convictions, certainly not in any proportion to the scale of fraud that has been committed. Think of the dot.com blowup – analysts touting companies without earnings or any prospect thereof just to support the investment banking side of the business. How many people went to jail for that?

    I even saw the Internet King Henry Blodget on CNBC recently. I think he was the tool calling Yahoo a buy at 200 back in 2000. Fuck his horse too.

  9. Paul Jones says:

    How about any CEO who went on CNBC and told investors his company was solvent while simultaneously conducting bailout talks with the Fed/Treasury?

  10. Mike in Nola says:

    Re: Stanford

    Here’s something from the BBC on the government informant angle:
    http://news.bbc.co.uk/1/hi/uk/8029494.stm

    Might be like the cops in Boston protecting a murderer because he was giving them info.

  11. Mannwich says:

    @Mike: I believe you’re referring to Whitey Bulger, Irish mob kingpen in South Boston who was secretly protected for years because he was an informant for the FBI, ratting out many of the Italian mafia. They still haven’t caught him after all these years.

  12. Stillaway says:

    @ Mannwich
    “Sir Allen Stanford hasn’t been criminally charged yet and his CIO has”

    You need to watch more TV cop shows. They’re trying to flip him so they can get the big fish. The sheeple love seeing CEO’s doing the perp walk.

  13. Mannwich says:

    Sure thing, “Stillaway”.

  14. MRegan says:

    I suppose pursuing Mozilo will serve as ‘feel-goodery’ but the cynic in me says: ‘too effin’ late’. The damage has already been done. Why are we only capable of reaction when the whole kit and kaboodle has been blown to smithereens.

    As an aside this story and others coming (the boffo bombshell in Judicial Watch’s FOIA on last year’s insanity and all credit card stuff and retail, etc) signals strongly that the news cycle is turning ugly and will not support increasing valuations. I wonder if the next wrenching leverage down can be
    predicted as well as its scope.

  15. MRegan says:

    Also, Cuomo is stepping on a couple of guys spring potatoes like he’s Savion Glover breaking in a new pair tapshoes.

    http://tpmmuckraker.talkingpointsmemo.com/2009/05/if_anyone_can_tell_us_how_this_massive_pension_con.php

    http://www.latimes.com/business/la-fi-pension13-2009may13,0,2781198.story

  16. MRegan says:

    test

  17. MRegan says:

    What? Is there a problem with saying ‘spring potatoes’? Does it tweak Word Press’ filter?

    All’s I’m saying is “Also, Cuomo is stepping on a couple of guys’ spring potatoes like he’s Savion Glover breaking in a new pair of tapshoes”.

    http://www.latimes.com/business/la-fi-pension13-2009may13,0,2781198.story

  18. Transor Z says:

    John Connolly, Whitey’s FBI “protector” just got convicted of second-degree murder for his involvement in the 1982 murder of John Callahan in Miami. Connolly and the Brothers Bulger grew up together in the projects in Southie. Whitey’s brother Billy was the Mass. Senate President for a long time. Long, convoluted and very interesting tale.

  19. cvienne says:

    Under present auspices, Mozilo “should” either be qualified to either be the next Fed chairman, the next Treasury Secretary, or succedd Sheila Bair…

    BHO is going to “need” people like AM to take the tomfoolery to the next level (to fluff over the last one)…

  20. Onlooker from Troy says:

    @MRegan

    Yep, it’s interesting to feel the change in sentiment in the air. The “worse than expected” (but only by idiots) retail sales numbers seems to have kicked it off following on the let down/sell on news of the “stress” tests.

    I think the manic/depressive public may just be about to go depressive again. I guess we can see things better from this level of the market, eh? :)

  21. Stillaway says:

    @cvienne

    Mozilo’s a go for Fed Chairman. He’d look marvelous in a plaid suit doing the Humphrey-Hawkins thing before Congress. Treasury Secretary – Get Andy Fastow out on work-release. He’s the man to get all this debt off of the balance sheet and moved to an offshore entity (China?)

  22. Marcus Aurelius says:

    Somehow there’s a link between Obama and Mozilo?

    Mozilo will end up being somebody’s prison bitch, and all of the unexposed Madoff types will start trying to get deals like rats off a sinking ship. If we’re lucky, government will do its job.

    Big social changes to come. The hammer is coming down.

  23. MRegan says:

    The bad news builds up and all the ‘good’ news melts in the light of day. The ‘truth’ keeps leaking out and is squirming to get free. The hammer is definitely coming down. When it’s done, whew, there will be a lot of bent nails on the ground.

    Here’s an article from Bloomie about real borrowing rates and the inflation v. deflation conflict. The green shoots argument withers in the face of this hot, dry blast of searing … y’all get the point, right?

    http://www.bloomberg.com/apps/news?pid=20601109&sid=am.gkYZFlB0A&refer=home

    Also, don’t ask me how I know but Barry hates Savion Glover. What BR, did he shoot down your ‘I Stepped in Jazz’ idea for a Broadway show?

  24. MA,

    that was my first guess, as well..

    though, see: “Jim Johnson

    In June 2008, Barack Obama appointed Jim Johnson to co-chair his vice presidential search committee. Johnson, who formerly had served as an advisor for Democrat presidential nominees Walter Mondale (1984) and John Kerry (2004), was the CEO of the government-backed mortgage lender, Fannie Mae, in the mid-1990s. During that same period, he also headed the John F. Kennedy Center for the Performing Arts and the Brookings Institution. Columnist Michelle Malkin explains the significance of Obama’s relationship with Johnson:

    “Johnson [when he was with Fannie Mae] accepted more than $7 million in below-market-rate loans from scandal-plagued subprime lender Countrywide Financial Corp. The company’s CEO, Angelo Mozilo, had set up a very special loan program [offering rates below the market average] for his high-powered pals [Johnson and friends]. Johnson had named Mozilo to Fannie Mae’s national advisory committee more than a decade ago and they maintained a cozy friendship. Mozilo also happens to be one of Obama’s fattest targets in his frequent broadsides against the demons of the mortgage industry. Obama likened Mozilo to a virus in March [2008]: ‘These are the people who are responsible for infecting the economy and helping to create a home foreclosure crisis…. These executives crossed the line to boost their bottom line.’ During the [Democratic primary] battle with Hillary, Obama campaign manager David Plouffe was dispatched to the cable TV airwaves to inveigh: ‘If we’re really going to crack down on the practices that caused the credit and housing crises, we’re going to need a leader who doesn’t owe these industries any favors.’”
    http://www.discoverthenetworks.org/Articles/jimjohnson.html

    though, this connection, among others: http://clusty.com/search?input-form=clusty-simple&v%3Asources=webplus&query=Obama+Annenberg

    seems more direct..

  25. Transor Z says:

    Savion Glover choreographed Mumbles the Emperor penguin in “Happy Feet.”

    I am now the master of all things Disney video. Fear me.

  26. greg says:

    When I see Mozilo, I’m always reminded of a line in an old movie. “We’ll hang him after the trial” I don’t think I’ve ever felt this more appropriate to anyone more than him…..well other than Dick Fulds of course.

  27. Marcus Aurelius says:

    Tranzor:

    I’m terrified.

    MEH: Everybody who is anybody in the world of finance has dirty hands, and there’s nothing clean to wipe them on. In a year or two, we’ll see mid-level career bureaucrats in positions of power. They’ll be competent, and diligent (for a decade, or so). Everything will get cleaned up and begin to settle. Then, the entrenchment and chicanery starts again. In 40 years, our grandchildren will begin forgetting. What comes around goes around.

  28. Marcus Aurelius says:

    MEH:

    Malkin isn’t a source I’d cite (not that everything she says is dismissed out of hand, but she’s suspect).

    HHere’s some research on Johnson:

    http://www.snopes.com/politics/obama/fanniemae.asp

  29. MA,

    the “mid-level career bureaucrats” I’ve seen, in preponderance, have their dials tuned to http://federalnewsradio.com/ and their ‘home pages’ set to http://www.tsp.gov/

    differently, we’re f****ng delusional if we think the ‘sucklings’ are going to muck the sty..

    this: “Everybody who is anybody in the world of finance has dirty hands, and there’s nothing clean to wipe them on.” may be, exactly, the reason why..

    Hello~ Campaign Contribution, my old Friend–

  30. MA,

    Malkin’s Highly Suspect, though, the old saying : “Even a blind Pig…”

    see: “…John McCain was one of 55 GOP senators, who along with 18 Democrats, voted for the bad bankruptcy bill. Democratic presidential candidate Sen. Barack Obama voted against the bill, but like McCain, Obama also voted against the amendment to cap credit interest at 30 percent. Wednesday, at a roundtable on predatory lenders, Obama accused McCain of siding with the credit card-companies and faulted Washington’s coziness with the predatory lending lobby. Too bad for Obama that Wednesday was also the day Jim Johnson resigned from Obama’s vice presidential search committee — after the Wall Street Journal reported that Johnson received $7 million in below-market-rate loans from subprime giant Countrywide Financial Corp., through an informal program for “friends” of CEO Angelo R. Mozilo.
    …”
    http://www.realclearpolitics.com/articles/2008/06/going_for_broke_american_style.html

  31. Cursive says:

    @Mike in NOLA/Houston

    We could only wish the Tan Man had a little more Catholic guilt. It’s not so bad for checking the seven deadlies…

    P.S. If you haven’t picked a parish yet, I recommend you try Holy Rosary (not the Cathedral) downtown. They also offer a Latin Mass.

  32. Mozilo in a prison jumper would look like someone trying to start a new blue man group knock off but this time in orange.

  33. Cursive says:

    “What corporate bankster that contributed to the entire mess is next up on the perp walk?”

    Well, if this is a headhunter thread, these people get my nomination:

    http://zerohedge.blogspot.com/2009/05/foia-disclosure-busts-paulson-geithner.html

    http://market-ticker.org/archives/1037-FLASH-Liddy-Lays-An-Egg-On-BERNANKE!.html

  34. MRegan says:

    Mannwich-

    Thanks for the link. What? I kid…I’m kidding…

    Anywho, Transor Z so you’re arguing for a renovation/recycling amongst the mid-level. I don’t know. I wish that were possible. Can the Gen-Xers (and Jonesers) seize control soon enough to block the babies and their boomerangs? And do they have the fortitude and mores to do it? I am not hopeful.

    Why don’t you all think on this and let’s have answer by 7.15 am tomorrow. I’m going to bed now- that’s how much I believe in you all. Good luck and good night.

  35. Transor Z says:

    Johnson is a long-time DEM politico who also helped Mondale and Kerry. I’m more intrigued by his GS connection than to the Obama’s campaign.

    Mark, I know you’re no fan of BHO, but the VP search committee is a party-driven thing. We’ve all established that Washington has been co-opted by financials — both parties.

  36. Onlooker from Troy says:

    Mannwich

    From that article:

    “Economists downgraded their projections for a recovery” from the deepest U.S. recession in half a century, now seeing the jobless rate exceeding 8 percent through 2011, according to the median forecast of 78 economists in a Bloomberg News survey taken from May 4 to May 11. Those estimates were lowered following a two-month rally in bond and stock markets on speculation the economy may be out of recession soon.”

    So those economists lowered their estimates for unemployment apparently due to the stock market rally. What a bunch of sheep. I’m sure glad that we have that many economists that truly think the stock market myth that it predicts the future in any kind of reliable way. Useless bunch of overpaid bleeps.

  37. Transor,

    to be clear, I don’t have any problems w/ ol’ 44, as I’ve said, before, dude is a total Cipher, and can only be known by his associates.

    His associates, on the other hand, are, at best, highly Suspect, and, on too mant occasions, too easily Convictable.
    //punishable
    adjective culpable, criminal, chargeable, indictable, blameworthy, convictable
    http://www.thefreedictionary.com/punishable

    advertised as “Change we can believe in”, it isn’t surprising that the FTC isn’t enforcing its “Truth-in-Advertising”-mandate..
    //Truth-in-Advertising Laws Advertising laws are aimed at protecting consumers by requiring advertisers to be truthful about their products and to be able to substantiate their claims. All businesses must comply with advertising and marketing laws, and failure to do so could result in costly lawsuits and civil penalties. So before you start an advertising campaign, it’s important you understand some basic rules.

    The Federal Trade Commission (FTC) is the main federal agency that enforces advertising laws and regulations. Under the Federal Trade Commission Act:

    Advertising must be truthful and non-deceptive;
    Advertisers must have evidence to back up their claims; and
    Advertisements cannot be unfair.
    Additional laws apply to ads for specialized products like consumer leases, credit, 900 telephone numbers, and products sold through mail order or telephone sales. State and local governments also regulate advertising, and enforcement is usually the responsibility of a state attorney general, a consumer protection agency or a local district attorney.

    The following resources and how-to guides help small business owners comply with federal advertising laws: …
    http://www.business.gov/business-law/advertising-law/truth-in-advertising/

    silly, silly ME, more ‘laws’ to be selectively enforced upon the rabble, never upon the Rulers..

    K. George III can, still, FBM..

    //King George III was born in London on June 4, 1738. He was the son of Frederick, Prince of Wales, and the grandson of George II. He succeeded his grandfather in 1760, his father having died in 1751. George III was the first of the House of Hanover to be born and educated as an Englishman. He had high but impractical ideas of kingship. George III was the longest reigning of the male British monarchs. George III was king of Great Britain and Ireland and presided over the loss of the American colonies.

    Although never an autocratic monarch, George III was always a powerful force in politics. He was a strong supporter of the war against America, and he viewed the concession of independence in 1783 with such detestation that he considered abdicating his throne. At the same time he fought a bitter personal feud with the Whig leader Charles James Fox, and his personal intervention brought the fall of the Fox-North ministry in 1783. He then took a political gamble by placing the government in the hands of William Pitt, thereby restoring stability for the rest of the century. In 1801 he preferred, however, to force Pitt to resign as prime minister rather than permit Catholic Emancipation, a measure that he interpreted as contrary to his coronation oath to uphold the Church of England….
    ht tp://ww w.kinggeorgeiii.com/

  38. bman says:

    Make em Walk the Plank! In these piratous times we all need to adopt piratous measures. I heard some blah blah the other night on the local news about CEO’s of GM selling all their junky GM stock fast. Then there was the Madoff special and how the victims were basically led to believe there was some sort of insider trading going on and they all just didn’t ask details but took the money until the ponzi scheme finally went bust, and they still think they deserve repayment.

    Did you know that the pirates in Somalia got their start because their sea resources were over harvested by international trawlers? (look it up!)

  39. f*** him and the horse he rode in on

    AHAB! How can you talk that way?!…..That horse is innocent!

  40. Did you know that the pirates in Somalia got their start because their sea resources were over harvested by international trawlers?

    See what happens when you don’t buy your seeds from Monsanto?

  41. bman says:

    Yes buy local and in season whenever possible.

    Else who knows the consequences…

  42. the bodies keep piling up ’round the FoF-F, yes, Friends of Fouty-Four

    see: “When NFL player-turned-Army Ranger Pat Tillman died at the hands of US troops in a case of “friendly fire,” the spin machine at the Pentagon went into overdrive. Rumsfeld and company couldn’t have their most high-profile soldier dying in such an inelegant fashion, especially with the release of those pesky photos from Abu Ghraib hitting the airwaves. So an obscene lie was told to Tillman’s family, his friends and the American public. The chicken-hawks in charge, whose only exposure to war was watching John Wayne movies, claimed that he died charging a hill and was cut down by the radical Islamic enemies of freedom. In the weeks preceding his death, Tillman was beginning to question what exactly he was fighting for, telling friends that he believed the war in Iraq was ” [expletive] illegal.” He may not have known what he was fighting for, but it’s now clear what he died for: public relations. Today, after five years, six investigations and two Congressional hearings, questions still linger about how Tillman died and why it was covered up.

    Now the man who greased the chain of command that orchestrated this great deception is prepared to assume total control of US operations in Afghanistan: Lt. Gen. Stanley McChrystal. It was McChrystal who approved Tillman’s posthumous Silver Star, a medal given explicitly for combat, even though he later testified that he “suspected” friendly fire…”
    “…Clearly President Obama is trying to “own” the war in Afghanistan: upping the troop levels, making it his “central front” in the battle against terrorism and now placing his own general in charge. But the president is also disappointing a generation of antiwar activists who voted for him expecting an end to imperial adventures and torture sanctioned by the executive branch. Now a man who should perhaps be on trial at the Hague is in charge of Afghanistan. Obama needs to know it’s not just the Tillmans who are enraged by this terrible choice.”

    [Dave Zirin is the author of “A People’s History of Sports in the United States” (The New Press) Receive his column every week by emailing dave-at-edgeofsports-dot-com. Contact him at edgeofsports-at-gmail-dot-com.]

  43. thetanman says:

    You guys are funny. Its another misdirection play to keep people from doing or thinking about anything constructive. Trillions flushed down the tubes and you’re exited about Mozillo? He’s a fall guy. That’s all he is. Meantime the kleptocratic engineers continue to gun the ponzi locomotive as we go careening toward deadman’s curve on our ever more rickety economic rails. A guy who stole hundreds of million is will tried by a group that has made off with trillions. And untold trillions more. It dissipates your anger so that there is none left for the real thieves. In fact, you start to soften your view of the kleptocracy even as they dream of more trillions being loaded on to their pirate ship. M

  44. thetanman says:

    McCain actually would have been better-since he’s completely senile, he would have been a chink in the kleptocrats armor. Now we have Obama, who has the nation in a ponzi trance. He’s really good at what he does: soothe us with all the right words, while hoping to mesmerize us for eight years and be declared a great president. The kleptocracy has gotten the left to support handouts to thieving banksters! Even though the bailouts supposedly violate their core beliefs. You don’t sacrifice your core beliefs: if you do, you really don’t believe anything. Your ideals will be nullified at the very moment they’re needed most. People ignore the twin steamer trunks of higher taxes and cap and trade that will be thrown onto the back of our already bankrupt economy. On with the show.

  45. Mike in Nola says:

    Cursive: Thanks for the tip. Website looks interesting. Being a typical Catholic, I don’t attend church regularly. Plus, the wife had gotten rather disenchanted after the appointment of one of the paedohphile enablers as Archbishop of New Orleans. Will try to visit.

    BTW, have their been the same closings/consolidations as in other archdioceses? One of the older parishes near us had a months long occupation before it was closed and merged into our former parish.

  46. Mike in Nola says:

    Re: the UK

    Got back this weekend from a week in the UK. Unfortunately, got a stomach bug about halfway through and knew how the Black Prince felt dying of dysentery.

    They ain’t doin too hot over their either. RBS had terrible losses and the CEO was much more negative than analysts. He wasn’t in a green shoots mood.

    http://news.bbc.co.uk/1/hi/business/8039403.stm

    Another big story as the parking of many cargo ships in a Cornwall estuary. As an indicator of trade, it didn’t show any improvement.

    http://news.bbc.co.uk/1/hi/uk/8038471.stm

    And then there was the closure of a big steel mill

    http://news.bbc.co.uk/1/hi/england/tees/8040038.stm

    Bloomberg is reporting crashing rents in The City, back to 1991 levels. This will probably be Manhattan’s fate:
    http://www.bloomberg.com/apps/news?pid=20601109&sid=a6DMLSwbH.aQ&refer=exclusive

    Finally, I thought it was interesting that a single hit and run death or shooting of an armed oldster by police was front page news in a nation of 60 million. Underlines the difference in the societies.

  47. Cursive says:

    Mike in Nola 6:45

    Yes, there are too many “pink palaces” among the American seminaries. We had a pedophile priest assigned to our elementary school. Fortunately, we all knew it and looked out for each other. I had a friend who had to leave because the sicko was targeting him. Sick. Anyway, no consolidations here, but I’m in the rural Diocese of Alexandria (central Louisiana). They are trying to consolidate the catholic schools, but not the parishes. It’s a shame that most of the beautiful churches in NOLA are being decommisioned. My mom grew up in the 9th Ward and she used to attend St. Cecelia’s. I hope you and your wife enjoy Holy Rosary. I’m old school, so it appealed to me.

  48. Mike in Nola says:

    Well, I always like Latin masses, though I haven’t attended one since the 60′s. Never liked being a protestant, if you know what I mean.

  49. VennData says:

    Will the tan man retire to Madoffstan?

  50. jqui says:

    Cramer has always been a great judge of character:

    When Cramer asked why CFC stopped giving out “bad loans” at a time everyone was doing it, Angelo Mozilo said he was talking about problems with loan quality and margins at New Century and Ameriquest a year ago. The companies had a bad business model, Mozilo continued, stating there will be consequences for minority and first-time prospective homeowners because of disappearing liquidity, and this trend will impact the housing market. However, he added the subprime mess has cleared the field of many of CFC’s competitors, and the company will be in a dominant position at the end of this painful subprime ride. Cramer commented its time to pick up survivors like CFC ahead of a Fed rate cut in May. Cramer aimed to reassure viewers about Muzilo’s stock-selling; “He’s an older fellow… It’s time for him to do a little insider selling… and I would start doing some outsider buying!”

    Cramer kisses Mozilo Ass – March 22, 2007

  51. nemo says:

    “What corporate bankster that contributed to the entire mess is next up on the perp walk?”

    For insider trading? How about Stephen Friedman of the GS board and the NY Fed? That would be delicious. Not that it will ever happen.

  52. The Curmudgeon says:

    taking the contrary view:

    a) there is absolutely nothing with insiders selling their stock. it only has to be properly reported, and it’s clear that it was here;

    b) the first response to that is always “but hey, he didn’t say the reason for his sales were that company was going down the tubes”. Well of course not, and he’s neither obligated to do so, nor even allowed, if it could be considered “insider” information. But that’s why the rule on disclosure. Always, look at what someone does, and not what they say, anyhow. You gonna believe me or your lying eyes?, or something like that.

    c) this, like Tanman said above, is just a diversion, both from the present and the past. Mozillo, love him or hate him, did not create an economic system where liar loans and option arms would flourish. Alan Greenspan and Ben Bernanke did. The SEC is crucifying the wrong man.

  53. The Curmudgeon says:

    should say “absolutely nothing wrong”

  54. [...] we noted last month, The Man with a Tan was charged with Fraud. Former Countrywide Financial Corp. Chief Executive [...]

  55. [...] As we noted last month, The Man with a Tan was charged with Fraud. Former Countrywide Financial Corp. Chief Executive [...]