What The Hell Just Happened On The Countrywide Call?

Posted by John Carney, Oct 26, 2007, 12:39pm

We were listening in on the Countrywide conference call just now—mostly because we didn't know that David Gaffen was liveblogging it so we don't have to—and about four minutes into the thing everything goes haywire. A full minute of what sounds like static and lambs or babies screaming. We just assumed it was a subprime phone line or that Angelo Mozzillo's self-tanner had leaked into the telephone console.

But a reader writes that what actually happened was that somebody hacked the call and started yelling "Mozillo is a criminal." Anybody else hear that part? Can a brother get a confirmation?

Tilt. Another reader asks: "Is Angelo Mozilo's tan getting darker from heat he's taking from the Board, or is it the radiant energy coming off his rapid fast CFC sell execution orders?" He puts it at 50/50.

Update: Countrywide shares up a gazillion percent. The market loves endless conference calls!

Live-Blogging the Countrywide Call [Market Beat]

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Posted in: Countrywide

Comments

Posted by The Wolf, Oct 26, 2007 12:54PM

I've got it. MER buys CFC. Bam, problem solved.

Posted by , Oct 26, 2007 12:56PM

Don't you mean CFC buys MER?

Posted by The Wolf, Oct 26, 2007 1:00PM

CFC doesn't even have enough liquidity capacity to bid for half of MER's common stock. Unless you are talking about an LBO, no the $55 billion company buys the $9 billion company, not the other way around.

Although in real life the LBO scenario is equally likely

Posted by , Oct 26, 2007 1:01PM

And then BOA buys the multiheaded siren that is CFC+MER. And by siren i mean old hag with lepersy

Posted by The Wolf, Oct 26, 2007 1:05PM

Now you're getting it. THAT's how we bank, bitches!

Then we sell the whole thing to China.

Posted by s7.5, Oct 26, 2007 1:06PM

I did not hear anyone say mozillo is a criminal.

At least, not on the call.

Posted by Hold On A Minute, Oct 26, 2007 1:08PM

Boone Pickens was going to buy Gulf Oil oh so long ago...I think he used junk bonds in that little bit of greenmail.

Small company was going to buy big company, you see.

Posted by The Wolf, Oct 26, 2007 1:12PM

"Unless you are talking about an LBO, "

Posted by , Oct 26, 2007 1:20PM

Hey the stock just shot up ... Was it because of something on the call? .. Had it on mute again ...

Posted by Dave Chappelle, Oct 26, 2007 1:29PM

I stand by my earlier post.

The call goes haywire. At first, iut simply sounds like the call center screwed up and "opened up" all the lines that were on mute. Then it sounds like maybe we picked up another phone conversation going on, and then a bunch of cross conversations. At that point at first I think I hear: "He is a criminal" So then I start listening very carefully because there was a lot of jibberish. And very distinctly you can hear someone saying ("yelling" is a bit exaggerated) "Mozillo is a criminal . . . Mozillo is a criminal . . ." and then the call center closes the lines. Angelo then chimes in (as if woken from a nap) "what happened!? where was I? I don't know where I left off?" Then the moderator comes in, apologizes, and alos admits he doesn't know where Angelo left off.

If there is an audio recording available, it's there...

bitches

Posted by , Oct 26, 2007 1:33PM

Replay of the call will up on the CFC website soon enough ...

Posted by , Oct 26, 2007 1:33PM

sadly we may never know as that will definitely be edited out of the webcast replay

Posted by , Oct 26, 2007 1:44PM

Dave Sambol does not know how to pronounce the word "kiosk" does he?

Posted by Sug, Oct 26, 2007 1:53PM

Sounds like a scene from Event Horizon.

Posted by gab, Oct 26, 2007 2:13PM

I'm just trying to figure out how CFC w/ $200 billion in assets, at least 10% of which are in deep trouble is still standing with only $15 billion in shareholders equity. Hmmmm...

Posted by series7.5, Oct 26, 2007 2:22PM

for starters, the investment portfolio is only $85ish billion, and the 90+ rate one HFI is still under 2% so that helps

Posted by , Oct 26, 2007 2:28PM

when will this call end??

Posted by , Oct 26, 2007 2:36PM

never. every sell side analyst must have his say.

Posted by Random Banker, Oct 26, 2007 3:33PM

Yeah, CFC What's up now bitches

Posted by anon anon anon, Oct 26, 2007 3:50PM

Countrywide was clear as mudd. How can I get RICO to ryme with Countrywide?

Posted by bankalpha, Oct 26, 2007 3:52PM

Random Banker is this short covering rally making up for your losses to date? I am laying out short blocks as we speak

Posted by , Oct 26, 2007 4:04PM

yep they definitely edited it out of the webcast replay. bitches.

Posted by b, Oct 26, 2007 4:45PM

You mean Angelo uses tanner creams and has had plastic surgery ?!?!?!?

Posted by Fritz, Oct 27, 2007 9:58AM

Meanwhile, Angelo cashes in a $100 mil worth of stock. If things are going to be as great as he says, why is he not buying the stock? Give me a break!!

Posted by David, Nov 04, 2007 2:11PM

I was on the call and heard it. I fell out of my chair laughing... I thought I was hearing things. Some guy was saying this guy's a criminal... It was Fn hilarious....

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