FBI Investigating Countrywide

Why am I not at all surprised about this?

"The Federal Bureau of Investigation is probing subprime lender Countrywide Financial Corp. for possible securities fraud, according to law-enforcement officials and finance-industry executives.

The inquiry involves whether company officials made misrepresentations about the company’s financial position and the quality of its mortgage loans in securities filings, four people with knowledge of the matter said. It is at an early stage, they emphasized. . .

Fifteen other subprime companies also are under scrutiny by federal agents and prosecutors in a broad look at the subprime industry sparked by huge losses on residential mortgages and the securities used to fund them. The investigations are examining mortgage-origination fraud, conflicts of interest and undisclosed relationships within the industry, and the practices used to package mortgage-backed securities for sale to investors.

Countrywide issued more than $100 billion in mortgage-backed securities between 2004 and 2007, according to the newsletter Asset Backed Alert. More than two dozen Wall Street firms helped construct those deals, making it possible that some of them will also face law-enforcement scrutiny."

I suspect we shall be learning alot more about Angelo Mozilo’s stewardship, as well as those giant and well-timed stock sales. Someone is gonna be in a heckuva lot-o-trouble . . .

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Source:
FBI Investigates Countrywide
U.S. Scrutinizes Filings  On Financial Strength, Loan Quality for Fraud
GLENN R. SIMPSON and EVAN PEREZ
WSJ, March 8, 2008; Page A3
http://online.wsj.com/article/SB120494626642521739.html

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Category: Credit, Derivatives, Legal, Real Estate

Friday Night Jazz: Miles Davis

MilesTonite’s Jazz selection comes to us via Hale Stewart (aka Bonddad). Take it a way, Hale:

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Until his death in 1991, Miles Davis was one of the longest and strongest personal currents running through jazz music. There were well over 100 albums issued over the course of his career. He played with — and developed – some of the greatest talent jazz has seen. Band alumni include, Philly Joe Jones, Red Garland, Paul Chambers, John Coltrane, Herbie Hancock, Wayne Shorter, Ron Carter, Tony Williams, Keith Jarrett, Jack DeJonette, Branford Marsalis, John Scofield, Mike Stern, and well –- a ton of other great players. Basically, Miles was, is and will continue to be a personification of jazz.

Miles’ style embodied warmth, sophistication, romance and a deep sense of melody. Miles could strip a musical line down to its barest elements and phrase it in manner that was unforgettable. He also had an uncanny ability to use silence; Miles may be perhaps best remembered for what he didn’t play as what he did. His playing reminds me of a great piece of advice given to me: “never pass up an opportunity to shut the hell up.” In addition, Miles was always looking for something new. He tired of the old way of doing things quickly and wanted to hear new sounds. As a result, he was usually surrounded by young musicians who challenged him and forced him into new directions.

SteaminBefore I look at some albums, there is a great book on Miles called, well, Miles. It’s a great read. Miles talked to the writer for a long time, and it shows. The author covers pretty much Miles’ whole life up until when the book was written. There’s some great information on the birth of jazz, and all of Miles’ great line-ups. I am a big fan of oral history, and this book is a great example of why. It is well worth the read. (If you like this, also check out Dizzy Gillespie’s To Be or Not to Bop).

As I mentioned above, Miles put out over 100 albums. I’m not going to look at them all.  In fact, I’m going to talk about albums that aren’t the most popular Miles albums like Sketches of Spain, Birth of Cool and Kind of Blue. Don’t get me wrong – these are great albums. However, I usually make a little fun of these albums because yuppies have them as their “jazz section usully next to Kenny G. (which unfortunately gets more play). Instead, I’m going to focus on albums that are a bit less popular because there is a ton of great music on them.

WorkinSo, let’s start with a collection of three albums that contain a ton of standards: Steamin’, Workin’ With the Miles Davis Quintet and Relaxin’ With Miles. These albums stand out for several reasons. First, they offer a great overview of how Miles and his groups approached standards like If I Were A Bell, Woddy’N You, In Your Own Sweet Way, Salt Peanuts and Well, You Needn’t. These are all part of the jazz language and Mile’s take is very interesting. 

Secondly – this is a classic rhythm section of Philly Joe Jones, Red Garland and Paul Chambers. But perhaps most importantly, John Coltrane is playing tenor sax and even on these early albums you can hear his style – bold and fluid -– emerging. 

Relaxin In the mid-1960s Miles put together one of the greatest jazz Quintets of all time. Wayne Shorter was on tenor sax, Herbie Hancock was on piano, Tony Williams was on drums Ron Carter was on bass and Miles was on trumpet. They played and wrote some of the most evocative acoustic jazz ever. Hancock and Shorter emerged as premiere composers whose work significantly stretched the language of jazz. And the interaction between the musicians was phenomenal. 

There is a boxed set titled “Miles Davis Quintet” 1965-1968” which has six discs of incredible music. This is the outer limits of acoustic jazz and it is amazing listening.

Miles is credited with ushering in the electric age in jazz with the album Bitches’ Brew.  However, my personal favorite electric album is Decoy, issued in 1984. It contains far more realized compositions and crisper production. Once again Miles surrounds himself with a group to then much younger musicians such as Al Foster, Darryl Jones, Branford Marsalis and John Scofied. This is considered Miles’ comeback album.

Miles_in_paris
Finally, is my favorite live album: Miles Davis Paris France. This was issued on Moon Records – a European label.  The concert occurred on October 1, 1964.  The album starts with applause (because the French actually appreciate jazz in large numbers) followed by silence.  Then Herbie starts with some wonderful chords that move up the register. This is followed by more silence. Then Miles hits  one of his patented scaler runs and the band comes in. The song is Stella by Starlight and the band is in amazing form. They move through Stella with incredible skill.  And that’s just the opener. It gets better from there. 

That’s about it. I have really only scratched the surface of Miles’ recorded legacy. There are a ton of great albums I haven’t mentioned. But hopefully it will give you a place to start for looking a bit deeper into Miles’ discography.

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Thanks, Hale, great job. videos after the jump . . .

Miles Davis Discography

Official Site
http://www.milesdavis.com/

Miles Davis Wikipedia
http://en.wikipedia.org/wiki/Miles_Davis

Miles Ahead: A Miles Davis Website
http://www.plosin.com/milesAhead/

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