David Faber reports that the SEC will charge the Tan Man “imminently.” Coupla his cronies at Countrywide (David Sambol, Eric Sieracki) will be getting the royal treatment as well, but obviously we only care about Orange. Note that these are civil fraud charges, which are not
expected to be accompanied by criminal indictments. More from the Fabe:
Mozilo sold hundreds of millions in Countrywide’s stock in late 2006 and 2007, and stands accused by the SEC of remaining publicly upbeat about this company’s prospectus during that period, while he knew things were not good in Counrywide’s business. How the SEC intends to prove that is unclear, but Mozilo’s change to a 10-B 5-1 plan under which he systematically sold stock may be used as evidence of his culpability. Mozilo allegedly established one 10-B 5-1 plan in October of ‘06 and another in December of ‘06 and then revised the October plan in February of ‘07 so that he could increase his sale of Countrywide stock.
Earlier: WSJ: SEC Staff Recommending Filing Civil Fraud Charges On Angelo Mozilo’s Ass
Here Are Some Thoughts On Men And Wall Street
Jerk Running Ferry To Fire Island Not Up On The Celebs Of Financial Reform
Federal pound me in the ass prison
So what does this mean for 1st year analysts at Bank of Amerrillwide?
He was framed by the mastermind himself, Shia LaBeouf.
So how does Sen Dodd’s ass taste this morning, Angel?
My GOD! it’s Orange!
Apologies to 2001 fans
I wish Greg would stop trying to get me into a private chat room.
Congrats SEC on another timely collar. How much weed were they actually smoking at headquarters over the past decade?
Obama reflation trade working well today. The 10yr tsy beatdown has resumed in full.
@1
That was such a lame movie.
Sorry Bess, AMoz isn’t worthy of your talents. You should’ve handed this one to Greg.
@12- I think Bess should decide who is and who isn’t worthy of her talents, and unless you’re new here, you know BL loves writing about Ang Moz.
I really have no interest in reading about Oompa Loompa prison rape stories.
That picture of the Lizard King brings back fond memories of a time when America was a capitalist country. Sigh – Remember the Titans.
10 I would call it the what else could Obama do having inherited quite a mess from GWB trade. And save the its all barney frank’s fault for your conversation on the way home tonight on the Staten Island ferry.
A little buggery never hurt anybody.
Porker Stansberry
16 I’ll give you half credit, but at some point that argument will get old, real old if it isn’t already. BTW don’t live in NY. I like to spend my own money.
SO wait the 10-b-5-1 makes him MORE culpable?
Also, is the SEC surprised – to the point where they think they have a case – that an executive painted a rosy picture while that wasn’t necessarily the case?
sigh…
Moz, “Protect the House”.
@19 – The case is simple:
1) Is he an insider?
2) Did he sell the stock?
3) Did the stock subsequently go down?
4) Are people angry about the company?
Jail time.
@11
Go fuck yourself. In fact, why are you even posting on DB?
Anyone else notice this similarity?
http://blogs.cisco.com/collaboration_img/Kramer.jpg
Oompa Loompa Doompadee Dock,
What is wrong with dumping my stock.
Hey BofA, enjoy your bonuses going into the Tangelo legal defense fund contractually setup during the merger
At least his face will match his jumpsuit.