It’s Friday, and Angelo Mozilo, former CEO of Countrywide Financial Corp and iconic symbol of the excesses of the lending industry, is now under investigation by the SEC. Apparently Mozilo didn’t see the need to warn investors that it was tougher to get a library card than a loan from Countrywide. The company wasn’t the kind of place he wanted to keep in his portfolio though: [Thanks to all who sent in this story!]
“While hiding his hand from investors, Mozilo was actively taking his own chips off the table” SEC enforcement chief Robert Khuzami told journalists in Washington. “Concealed from shareholders was the true Countrywide, an increasingly reckless lender assuming greater and greater risk.”
We hate concealment of pertinent information around here, so what else is happening today that we ought to know? This is an open thread, so let us know what’s on your mind.
The Great Oompa Loompa stood before the masses and spake “Behold the Great Oompa Loompa Empire I have built. Behold the sweet smell of success. Our stuff don’t stink!”
Then the Oompa Loompa turned to his inner council and said ” What is this crap? We’ve got second liens for 80/20’s with FICO’s under 600! I wouldn’t approve that kind of loan for my own MOTHER!, a Congressman maybe, but NOT my mother.”
Councilor Sambol replied “It is the ‘Milk’ of the Biz”
Oompa Loompa said “Milk my @%$. It’s poison! We gotta dump this stuff fast.”
Then Councilor Sieraki said ” We must match what is offered by others or the empire will shrink” and Councilor Sambol said ” Tis true”
The Oompa Loompa said ” Well be more careful, and by the way, those pick-pays stink too!”
As the councilors left the throne room, the Oompa Loompa did swear unto himself ” I will steadily sell my stake in this idiot empire and stand ready to move to the Caymans where my
Tan will shield me from the harsh rays of the tropic sun. Hmmm where did I put Ken’s number?
To be continued.
And the beat goes on. In other massive fraud news, Bank Profits From Accounting Rules Masking Looming Loan Losses.
… And if The Great Orange Mozilla serves even a day in jail, I will eat my socks…. Without salt.
There may be a reckoning day for people like Mozilo, but not under the present ‘lemon socialist’ system.
Privatize profits, socialize losses… … repeat as necessary…
twist -
Good grief. I came out of this neighborhood. Even went to Diamond.
… underachievement or what?