SEC investigates Countrywide chief

Discussion in 'Wall St. News' started by THE-BEAKER, Oct 18, 2007.

  1. sooner or later.

    we all sit down to a banquet of consequnces.

    legal or illegal.

    you cannot sell this amount of stock with the shares collapsing and fire thousands or workers and expect to just say

    ' well i dont have anything to do with it'.

    The Securities and Exchange Commission is investigating stock sales by Angelo Mozilo, chief executive of Countrywide Financial, the largest US mortgage lender hit by the subprime mortgage crisis.

    The probe into Mr Mozilo is part of a broader look by the SEC at stock sales made by executives at mortgage lenders caught up in the subprime crisis, according to a person familiar with the _matter.

    Countrywide spokesman Rick Simon said: "As a matter of policy, Countrywide does not comment on communications with regulators."

    The SEC also declined to comment.

    Mr Mozilo has sold more than $130m worth of Countrywide shares since beginning a stock sale plan late last year. Countrywide shares traded as high as $45.03 in February but began to plunge this summer as the California-based lender was hit with soaring defaults on loans to buyers with poor credit histories.

    Countrywide shares closed at $17.35 on Wednesday before the Wall Street Journal first reported on the SEC probe.

    The company appeared to teeter on the brink of bankruptcy over the summer when it lost access to the short-term debt markets, its traditional source of funding for mortgage loans.

    It recovered somewhat after receiving a $2bn equity investment from Bank of America and $12bn in new financing from its banks.

    Countrywide has said it will rely more on its bank to fund lending and will tighten underwriting standards.

    Richard Moore, the North Carolina state treasurer, sent a letter to Christopher Cox, SEC chairman, on October 8 demanding he probe Mr Mozilo's stock sales, particularly what he described as changes made to the plan as the subprime crisis worsened.

    "As an investor and a Countrywide
  2. angelo is a fucking trading legend.

    current trading price


    last six sale transactions

    Sale 2007-10-12

    139,916 $18.38 $2,571,642.00

    Sale 2007-10-11

    139,918 $18.36 $2,569,160.00

    Sale 2007-10-10

    139,918 $18.77 $2,626,821.00

    Sale 2007-10-10

    139,918 $18.74 $2,622,623.00

    Sale 2007-10-09

    139,918 $19.87 $2,780,632.00

    Sale 2007-10-08

    139,918 $20.14 $2,818,368.00
  3. i read that the sales were part of a prearranged trading plan that had been submitted to the SEC some time will be interesting to see how the technicalities play out, i don't think its a typical insider trading issue...
  4. Even a blind man could see that Countrywide was into big problems and it was an obvious stock to sell.

    It will be very hard to prove he sold on insider trading.
  5. ElCubano


    yes it was a trading plan and it went like this..........

  6. Awww, the little munchkins are at it again, and...............with blind man analogies.


    When "you" break below the August 16th low, be SURE and let us know. One of ya.
  7. Here's a chart kiddies.

    Panoramic view. The risk isn't in it. It's out of it. Until proven otherwise, I'd consider $15 as capitulation. Particularly since it closed at $20 same day.

    And'd have more credibility if you played a trumpet rather than a kazoo.

    I wanna pose this simple basic question once again.

    Where the fuck

    do you think

    the shares go

    when they're sold?



    Share heaven?
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  8. ElCubano


    Share heaven?? isnt heaven UP :p perhaps share hell is where it be going....:eek:
  9. Quando? Como? Porque? El heffe.

    A share is worth what the specialist is willing to bid for it. He acquires with cash rather than calls.

    Nope, it's going to oscillate around $20. Probably "longer" than I'd like. Under the right conditions, 3 or 4 point gap with an alibi, then follow through. Hmm could move 10 in a day. Race THROUGH my buy stops.

    Damage is done.

    Paquito hombre, you don't have a position.

    Just a mouth. Or should I say keyboard? Es muy macho. Comprende?
  10. ElCubano


    ur spanish is getting better....:p
    #10     Oct 18, 2007