The Wall Street Journal is declaring (subscription required) Countrywide Financial Corp. (NYSE: CFC) CEO Angelo Mozilo's days numbered. Granted the paper is not going out on a limb. The stock has been an absolute dog of late, and several big investors have called for Mozilo's head. Oh, and then there's the small matter of the SEC investigating his stock sales.
And according to the Heard on the Street column:
In another blow, Henry Cisneros, a former U.S. Secretary of Housing and Urban Development, stepped down from the Countrywide board this week, the third director to quit this year. Mr. Cisneros expressed "enormous confidence" in Mr. Mozilo.
Still, as Oscar Wilde might have put it, losing one board member at a time of crisis might be called a misfortune; losing three looks careless.
Does anyone have confidence in Mozilo and Countrywide Financial? Resigning from the board and expressing "enormous confidence" doesn't count. Judging from his huge stock sales, it appears Mr. Mozilo might not have confidence in either himself. The company reports its earnings today, and huge losses are expected.
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Reader Comments (Page 1 of 1)
10-26-2007 @ 3:39PM
Tim said...
Does anyone believe this CEO? He dumps his shares prior to releasing public info about CFC's problems. The stock craters and now he's saying how great it is. Well, if it's so greats then take back all the shares you sold before the meltdown (at their original price).
11-15-2007 @ 2:56AM
Tammy said...
all I want is to save my home.I have 6 children and I am an active foster parent.I have talk to so many people at countrywide and they all say different things.I am facing a sale date soon.Can anybody help?The little people in this world pay for big expensive lives of these ceo's do you think he could help me for a chance?Let us refinance my credit is bad due to being behind on my house payment .My children are begging please help.