In June 2008, Countrywide founder and CEO Angelo Mozilo stood before a group of CFC shareholders and, through salty tears, told them that Bank of America would “reap the benefits of what we have sowed.” He wasn’t kidding, and in the 4+ years since Ken Lewis paid $4 billion for the place, BofA has had the pleasure of ponying up an additional $40 billion (and counting) in write-downs and legal fees associated with cleaning up Countrywide’s messes, while CEO Brian Moynihan has publicly described the acquisition as an albatross around his neck. Additionally, Ang Moz forked over $67.5 million in 2010 to “resolve SEC claims that he misled investors,” and separately, there has been talk by some that Countrywide contributed in no small way to the worst financial crisis since the Great Depression. In light of all that, does Ang Moz, have any regrets about the way his company was run? Not a fucking one and if he had to do it all over? He wouldn’t change a thing.

Mozilo…spoke in a June 2011 deposition as part of a lawsuit between his firm, which was bought by Bank of America Corp. (BAC), and MBIA Inc. (MBI), according to documents filed this week in New York [...] Mozilo responded to questions from an MBIA attorney who asked if he regretted how Calabasas, California-based Countrywide was run after “all the foreclosures and ruined lives and lawsuits.” Mozilo called the lawyer’s question “nonsensical and insulting.” “I have no regrets about how Countrywide was run,” Mozilo said. “We were a world-class company in every respect.”

As for trying to pin one iota of blame on Big Moz re: the crisis? How DARE you. Don’t even entertain the thought of impugning his integrity. There is no way he could have ever seen this coming.

The crisis was “not caused by an act of Countrywide,” said Mozilo, 73, according to a transcript of the deposition. “This is all about an unprecedented, cataclysmic situation, unprecedented in the history of this country. Values in this country dropped by 50 percent.”

And in case it’s not exactly clear, he was and continues to be HEARTBROKEN for anyone who’s had a tough time, who he’ll mention in the acceptance speech he delivers after being given a lifetime achievement award for building the greatest company in the world.

Mozilo “remains really proud of his company and this institution he built,” said his attorney, David Siegel. “It would be unfair to say he doesn’t feel a great deal of empathy for the honest, hard-working Americans who suffered in the financial crisis.”

Mozilo Unbowed Says Countrywide Was ‘World-Class Company’ [Bloomberg]

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Comments (64)

  1. Posted by Guest | December 13, 2012 at 12:59 PM

    Cadillac circa 1997 maybe.

  2. Posted by Richard Fuld | December 13, 2012 at 1:05 PM

    Seems like a fine explanation to me.

  3. Posted by sme | December 13, 2012 at 1:06 PM

    aaahh, his face is on fire!…

  4. Posted by Guy with A.D.D. | December 13, 2012 at 1:09 PM

    Cadillac / Pontiac……, you know what I mean!

    -Angelo Mozilo

  5. Posted by guest | December 13, 2012 at 1:09 PM

    So I set my face on fiiiiiiIIRRRE!

    -fun

  6. Posted by ILoveLamp | December 13, 2012 at 1:09 PM

    If by "world-class company in every respect" he means a criminally reckless disregard for even the basics of sound lending practices, a hell-bent for leather drive for market share, and a shameless disregard for shareholders while mangement grants itself outrageous stock allocations which it then sells with near perfect timing based on insider information, then, yeah, totally agree.

  7. Posted by Fruits | December 13, 2012 at 1:12 PM

    Angelo? More like Tangelo!

  8. Posted by Guesticle | December 13, 2012 at 1:14 PM

    He has a point. Similar customer base for a lot of both businesses http://www.landoverbaptist.net/showthread.php?t=4

  9. Posted by Guest | December 13, 2012 at 1:14 PM

    My only regret is not having access to another computer to give you two thumbs up right now.

  10. Posted by Guest | December 13, 2012 at 1:15 PM

    Love the tan.

    - Christine Lagarde

  11. Posted by Bandersnatch | December 13, 2012 at 1:19 PM

    We were the Cadillac of worms.
    - Red Wigglers

  12. Posted by Italians Everywhere | December 13, 2012 at 1:24 PM

    He gives us a bad name.

  13. Posted by No Teeth | December 13, 2012 at 1:26 PM

    Only an Italian would wear such a suit

  14. Posted by PermaGuestII | December 13, 2012 at 1:35 PM

    So given that this was also standing operating procedure for GM from about 1967 on, the Cadillac analogy holds up rather well.

  15. Posted by Haterade | December 13, 2012 at 1:36 PM

    No impressed.

    - Tan Mom

  16. Posted by Guest | December 13, 2012 at 1:40 PM

    Cadillac Cimarron, maybe?

  17. Posted by SellingLow | December 13, 2012 at 1:44 PM

    John McCain looks good with a tan. Damn.

  18. Posted by Guestasaurus | December 13, 2012 at 1:46 PM

    Enough of the Orange Man. Need a Dramatic Reading recap!

  19. Posted by Quant me maybe | December 13, 2012 at 1:47 PM

    If Christine Lagarde and Angelo Mozilo had a child, would it be born with that same leather like quality and odd orangish hue to it's skin?

    .. It's just disturbing.

  20. Posted by Jim Lahey | December 13, 2012 at 1:49 PM

    If you were casting a role for a "greedy financial villain type" Moz here would be too cliche.

  21. Posted by C.Huxtable | December 13, 2012 at 1:49 PM

    The tan, gangsta pinstripes and goodfellas shirt never get old.

  22. Posted by Everyone else | December 13, 2012 at 1:52 PM

    Has one of you given the rest a good name?

  23. Posted by NakedShort | December 13, 2012 at 1:55 PM

    What if I told you I have a buyer lined up to purchase your wonderful company for $4 billion is that something you might be interested in?

  24. Posted by qwestion | December 13, 2012 at 2:02 PM

    Janey-come-lately.

    -George Hamilton

  25. Posted by Busy | December 13, 2012 at 2:05 PM

    I've been busy, so have not seen DB since 2008. I know this becuase the last post I remember said that Viva La Vida sounded like it was written for Dick Fuld. Slow day, so I'm back. Good to see that Ang Moz still features prominently. How about some of the other clowns? Besides said Fuld, there must be something interesting to report on that dufus Noel from Fairfield Greenwich Group. Is he still alive? How about his son in law – gunned down yet, for his part in attracting and then vaporizing what seemed at the time a lot of South American drug money? After I sign off, I'm gonna google Bess. See if that pic that's not her (but instead the Lois Lane actress) is still there.

  26. Posted by Busy | December 13, 2012 at 2:08 PM

    whoa… A pic of Bess does exist…. Nice… Much better than the LL chick.

  27. Posted by Ari | December 13, 2012 at 2:14 PM

    What if I were to tell you I have an 18 inch cock. Is that something you might be interested in?

  28. Posted by Boehner | December 13, 2012 at 2:28 PM

    Needs more orange

    -John Boehner

  29. Posted by guest | December 13, 2012 at 2:32 PM

    Co-sign

    - S. O'Neal

  30. Posted by Guest | December 13, 2012 at 2:44 PM

    Its true in a Miller Light is the Champaign of Beers sort of way.

  31. Posted by guest | December 13, 2012 at 2:46 PM

    1. You weren't busy. 2. Please stay away.

  32. Posted by guest | December 13, 2012 at 2:46 PM

    Champagne. But yes.

  33. Posted by Guest | December 13, 2012 at 2:47 PM

    Mozilo's attorney added "Mr Mozilo would like to point out that spending 30 hours a week in a tanning bed has been shown to be detrimental to ones vision so any shareholders planning a lawsuit claiming Mr. Mozilo should have seen this coming should be directing them at the true culprits of the housing crisis – tanning bed manufacturers".

  34. Posted by Tank Hankerous | December 13, 2012 at 2:52 PM

    It was awesome! Everyone was there. Even the urinal cakes were custom made with a picture of Kouwe on them!

  35. Posted by Guest | December 13, 2012 at 2:53 PM

    Butt yes?
    -B. Frank

  36. Posted by Quant me maybe | December 13, 2012 at 3:01 PM

    He could have been in prison, you know.

  37. Posted by UBS Shit Beer Quant | December 13, 2012 at 3:05 PM

    Miller Lite* Champagne*

  38. Posted by Busy | December 13, 2012 at 3:13 PM

    I swear, I've been busy.

  39. Posted by Bacon Is Tasty | December 13, 2012 at 3:31 PM

    Never trust a guy in a gold tie…….

  40. Posted by Corrector Corrector | December 13, 2012 at 3:42 PM

    *High Life

  41. Posted by Guest | December 13, 2012 at 3:54 PM

    …….I won't

  42. Posted by Gold Tie United | December 13, 2012 at 3:55 PM

    …….I will

  43. Posted by Guest | December 13, 2012 at 4:00 PM

    “We were a world-class company in every respect.”

    Nothing says world-class like California consumer finance.

    - The ghosts of Golden West, Indymac, Homefed, Money Store, etc

  44. Posted by Pit Bull | December 13, 2012 at 4:40 PM

    heyyyyyyyyyyyyyyyyyyyyyyyyyyy…….don't stop the party!!!!!!

  45. Posted by Vinnie the Guinea | December 13, 2012 at 4:42 PM

    Why doesn't somebody shoot this motherfucker?

  46. Posted by leeminbrahs | December 13, 2012 at 4:42 PM

    No wonder why people don't hire Fordham grads….

  47. Posted by Bob | December 13, 2012 at 5:12 PM

    Countrywide should be investagated along with fannie mae, and freddie mac for all the B.S. subprime mortagae's they agreed to take from countrywide something like a 100% of the mortagaes they were creating

  48. Posted by Guest | December 13, 2012 at 5:17 PM

    Mozilo…. that original firefox!

  49. Posted by Guest | December 13, 2012 at 5:49 PM

    *Should be

    Fixed it.

  50. Posted by J. Thain | December 13, 2012 at 7:03 PM

    They were all shitty American cars made by lazy Unions

  51. Posted by E.S.L. | December 13, 2012 at 7:05 PM

    Congratulations on spelling "B.S." correctly. You should be proud of your accomplishment.

  52. Posted by William | December 13, 2012 at 8:23 PM

    Oh, they have been numerous times, and many more lawsuits in progress. Whistleblowers tell harrowing tales of fraudulent mortgages they were ordered to create as employees of this evil enterprise. Read the Declaration of Christopher Warren.

  53. Posted by Horse | December 13, 2012 at 11:53 PM

    Hay!

  54. Posted by Longun | December 14, 2012 at 9:21 AM

    hell-bent
    OR
    hell for leather

    other than that….'granted'

  55. Posted by Guesto | December 14, 2012 at 9:22 AM

    Galileo?

  56. Posted by Guest | December 14, 2012 at 9:26 AM

    anyone noticed the top and bottom halves of this guy's head are different sizes?

  57. Posted by Hard Rock Quant | December 14, 2012 at 9:31 AM

    Judas Priest begs to differ:
    http://www.youtube.com/watch?v=wkAZBmTxDdY

  58. Posted by chris pirro | December 14, 2012 at 2:39 PM

    Mozilo did run a great company, he was just the Big Fish, what people do not realize is that he just sold the product Wall Street came up with, rating companys were rating people with 580 credit scores AAA securitys and selling this crap around the world, and of course Wall Streets Stated income is what took down the entire industry…………………………………………

  59. Posted by Albert | March 12, 2013 at 3:22 AM

    “This is all about an unprecedented, cataclysmic situation, unprecedented in the history of this country. Values in this country dropped by 50 percent.”"
    yeah right. I guess this is into something great. I love it then.
    first time home buyers

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