This POS wont die. I got burn buying puts on this dog. I hope it rise to 40 and then I will short this pig again.
It's a tough one...the problem during the subprime scandal, at which time it did drop a lot, is that these Alt-A loans definitely involve a large amount of CFC assets...whereas it was easy for Mozilo to downplay the amount of exposure CFC had to subprime which I think he's fibbing about anyway. This is a bit different and the SEC investigation over the subprime industry are sure to pick up on Mozilo's dumping of shares. Will be interesting...but July Puts are fairly cheap for what I believe is going to be easy. Also, the press from Dodd wanting to talk to top lenders in front of a Senate Banking Commission panel is bad news. I think CFC is swirling closer to the drain....I expect class-actions to hit the wire soon....lawyers are usually all over these cases and it just takes them a few weeks to build their cases....but the agressive selling by Mozilo is probably enough to show that the CEO is not acting in the best interest of shareholders. It's a big ugly pig from this point....either short if it goes up to $40 which I find less and less doubtful, or if it goes below $32-33 range.
Yawn. It's common for insiders to exercise/sell some or all of their options as soon as they vest. Mozillo has been selling regularly since last year. Nothing to see here. Herbie may pounce on this if it ties in with his favorite whipping-horse NFI, but I can't see how it will have much of an impact. I find it interesting how shorts always try to claim insider sales are scandalous. If the stock price goes down, they yell about the insiders bailing out due to inside information. If the stock price goes up, they shout about how the insiders are stupid to have sold so soon. It's all just noise.
another clip goes through. 20th march 2007. 70000 shares value $2,473,674.00 jesus. how much stock has this guy got. this is just sheer greediness at the expense of other shareholders and mortgage borrowers. this guy is an overpaid over tanned twat.
2 board members resigned. One immediately, one at the end of the term. Friday night press releases are BAD signs. No quotes from the board members makes things look even fishier. There is a scandal brewing...I can smell it. Luckily I'm loaded to the gills with Puts. http://www.marketwatch.com/News/Sto...48E2-83FD-2D1A4689771A}&siteid=yhoo&dist=yhoo