Oh, look who cashed in as the housing market crashed
Posted on September 30th, 2007 by ecthompson
I should have known. The CEO of Countrywide has made a bundle. There is something extra nauseating about this. I’m not saying that he did anything legally wrong. I’m saying that he bet against his own industry.
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From LAT:
As the mortgage industry swooned in late 2006 and 2007, Countrywide Financial Corp. Chief Executive Angelo Mozilo cashed in stock options valued at $138 million — vastly expanding his wealth even as his shareholders watched their stock shrink in value.
Company executives say Mozilo did nothing wrong and that the transactions were made under trading plans that specified how many shares would be sold each month. (more…)
