Countrywide - Mozilo Sells A Load More Shares.

This guy is unbeleivable.

His last share sale was back in the first week of August just as the subprime meltdown and credit crunch hit the market.

He last sold around $28.

Now has has come back into the market and sold two lots.

First lot was on the 08/10/07 - $ 2,818,368.00 worth of shares at $20.14

Second lot was on the 09/10/07 - $2,780,632.00 worth of shares at $19.87

Now bear in mind the state of the company and the pressure they are under to turn it around i cant beleive he and the upper management are allowing his share selling program awarded through options has now been given the go ahead.

Its a fucking disgrace to be honest.

I think if most investors and shareholders actually knew the details of this they would pull out.

My understanding of an executive cashing in options awarded by the board is that he has to improve the state of the company.

Well Mozilo has done the opposite.

I think Countrywide has not got a hope in hell of recovering from this mess and the fact that the chairman has no confidence at all in the share price is another reason.

Im short the shares and staying short.

What a disgrace.

Anyway details below.


http://www.secform4.com/insider-trading/25191.htm

 

At least the guy isn't pumping and dumping his stock. He's publicly stated how bad the mortgage market is, and doesn't try to paint a pretty picture on a bad situation like some other CEOs.

I see nothing wrong with him selling shares.

 

i completely disagree.

you reward failure and a low share price with $4 million dollars.

get real.

and there will be more options awarded in the next few days as well.

the option program is running.

 

Lehman cuts Countrywide estimate, citing uncertain outlook


http://www.marketwatch.com/News/Sto...4BD7-B077-60FD50B202E3}&siteid=yhoo&dist=yhoo

 

how can tell if it is an automatic scheduled sale?

 

well he has in the past a scheduled sale program approved by board members etc.

but this was terminated in light of the farsical situation of the company.

at the rate he was selling and frequency he was virtually selling $3 millions dollars worth of shares every other day.

given the condition of the company and the outlook you would think they would postpone indefintely until they returned a profitable quarter to the shareholders.

automated schedule sale or not it is wrong to reward people for failure.

 

if his sales were automatic sales there is no issue.

"automated schedule sale or not it is wrong to reward people for failure."

the hedge fund industry is set up that way.
Giant corporations are set up that way.
(management in bed with labor to the detriment of shareholders)

what else is new?

 

Please google for countrywide relation to it's employees - there are plenty of outlandish stories.

Mozilo will definitely suck the last penny out.

 

i also read the other day they banned all employees from reading countrywide stories on the internet.

talk about control freaks.

dont want them reading the real news not the rubbish they circulate internally about how great everything is.

haha

 

Does he wear one of those "Protect our home" bracelets that all countrywide employees have to wear while he sells?