Well I'm back! I am about to graduate in April and I have yet to finish my honors project! Honestly, I've barely started and I have about three weeks to get it done. So that means I'll be coming across a few interesting things that have to do with investing, stocks, economics, credit crunches, credit crisis, subprime messes, and maybe even about life (ooooh!).
Anyways, I just found this on the web. Someone is making Trader of the Year Awards and this is one of them:
The Iron Balls McGinty Award: Angelo’s Ashes
Say what you will about Countrywide Financial CEO Angelo Mozilo. Sure, he’s terrifyingly tan — and, as the helmsman of America’s biggest subprime-mortgage lender, he more or less abetted a situation that might plunge the country into a steep recession or worse. But give him this much: The guy’s got some set of stones. Countrywide got torched in 2007, its shares dropping 80 percent amid massive write-downs. What was Mozilo doing? Selling hundreds of millions’ worth of shares at pre-meltdown prices. With his company going up in smoke, Mozilo’s trading yielded him an estimated $200 million profit. Two weeks before the entire mortgage market began to fall apart, the controversial executive dumped $10 million worth of stock at $28 per share. As of press time, it languished at $5. Insider selling at its most brazen.Sleep tight, Angie.
Friday, April 4, 2008
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