Countrywide Financial: What Liquidity Crisis?

Angelo Mozilo, chairman and chief executive officer of Countrywide Financial Corp. (CFC), showed up on BuffoonVision Tuesday, talking about unnecessary liquidity crises and otherwise desperately spinning the need for an urgent Fed rate cut. Liquidity crisis?

On Monday, Mar. 12, Mozilo unloaded 70,000 CFC shares for $2.45 million… to go with the 70,000 shares he sold for $2.62 million on Friday, Mar. 8… to go with the 46,000 shares he dumped for $1.67 million on Mar. 6 - you get the idea. Since Feb. 1, Mozilo has sold 882,000 shares for $35.3 million, averaging $40, compared with CFC’s $33.49 close Tuesday.

Nice trade, not that it was worthy of a mention in the interview. But Mozilo did come up with one for the ages:

The loans themselves are not problematic. It’s who they were sold to and how they were used.

CFC 1-yr chart

Comments

[Bill Islava]

Thank you Greg. Now that he's sold all those shares, he can go work on his tan some more.