Reported on Dealbreaker.com's Opening Bell:
Stock Sales by Chief of Lender Questioned (NYT)
WC Varones will be pleased.
Stock Sales by Chief of Lender Questioned (NYT)
The SEC may investigate some fishy stock sales by Countrywide CEO Angelo R. Mozilo, trying to figure out what he knew and when about the company's rotten operations. Nobody's going to pre-judge the man here, but it seems safe to figure that there are going to be a lot of these investigations at various companies over the next several months. If there aren't many, it would only be because developments are occurred so swiftly, not giving folks enough time to make a sale.
WC Varones will be pleased.
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2 comments:
How about this for a regulation idea - if you are an executive board member of a corporation (private or public) and you wish to own stock in the corporation you serve and manage the stock gets welded into your portfolio until after you resign/they fire your sorry @$$.
Let's see you drive like a maniac when there's an 8-inch steel spike pointing out of the middle of the steering wheel and you're locked into a 5-point harness.
And if those execs don't want to own stock in the company they run what does that say?
Hmmmmmmmmmm?
Couldn't happen to a nicer guy!
I'm still short the stock and I think the upside risk is about nil for this stock. Even if they survive the credit crunch and the bad loan explosions in their portfolio, the business is much smaller and less profitable now that they can't make cash-back, no-down, no-doc, inflated-appraisal loans any more.
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