Countrywide's Mozilo's Escapes on His Golden Dinghy While the Company Ship Continues to Sink While Screaming "Protect Our House"
You have seen me post on this subject before, so this should not be new to you. If you did not read my previous posts, here they are...
Countrywide "Protect Our Home" Wristbands Are Now Available on EBay
Is Countrywide's CEO Floating Away in a Multi-Million Dollar Dinghy While the Ship Sinks?
Mozilo has continued to sell off shares (last one we know of is Oct. 12) and amazingly enough has done several "questionable" things from doubling the amount of shares he can sell (twice) to selling off just prior to the liquidity crisis in August. Now the SEC is investigating.
Here is a look at his recent trades:
| Date | Shares | Proceeds |
| 10/12/2007 | 139916 | $2,571,640 |
| 10/11/2007 | 139918 | $2,569,160 |
| 10/10/2007 | 139918 | $2,626,820 |
| 10/10/2007 | 139918 | $2,622,620 |
| 10/09/2007 | 139918 | $2,780,630 |
| 10/09/2007 | 139918 | $2,818,370 |
| 08/13/2007 | 46,000 | $1,306,400 |
| 08/08/2007 | 92,000 | $2,644,000 |
| 08/07/2007 | 110,000 | $3,088,670 |
| 08/01/2007 | 30,000 | $844,893 |
I am only going back to August to show that it Mozilo has clearly ramped up his sales of Countrywide stock, cashing out millions in the process. I think the SEC is late to the game, although I am sure, like most CEOs, he will walk away smelling like a rose.
Meanwhile, he continues to treat his employees like mushrooms. Remember that after everyone else was dropping like flies in early August, he kept saying Countrywide was fine. They started their "Protect Our Home" campaign (sure sign the BS is flowing thick) and laid off a bunch of people less than a month after saying "everything is OK".
How about the "Protect Our Home" campaign? Employees were required to sign pledges and then could wear a band (not to mention continue to work). What did the employees think? Check out EBay and see for yourself. Many of the auctions have already closed.
So, where is Countrywide headed? Good question and the answer will only truly come in time. Check out our post later today on how the FDIC is "unofficially" helping Countrywide.
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