Judging from the terms it gave Bank of America (NYSE: BAC) for its infusion of cash, Countrywide Financial (NYSE: CFC) is pretty desperate. Word on the Street is that the company is in negotiations with Leona Helmsley's dog for another $12 million.
There's another way that the company could raise money, though it's doubtful that it will ever happen. As Brett Arends pointed out recently, CEO Angelo Mozilo sold $425 million worth of his company's stock in the past 3 years -- at an average price of $36.50. The stock is now trading under $20.
But don't worry -- a Countrywide spokesman has said that Mozilo was diversifying his portfolio for retirement. $425 million? Is he retiring to the Moon with Lance Bass? Mozilo has continued to dump more shares, even in the past few weeks, as part of his 10b5-1 plan.
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