Angelo Mozilo

  • Angelo_Mozilo

    News

    Angelo Mozilo Has No Idea Why People Still Want To Talk About Countrywide, He’s Yet To Be Inducted Into The CEO Hall Of Fame

    In June 2008, at the last Countrywide shareholder meeting after the company had been bought by Bank of America, founder Angelo Mozilo made a bold statement, telling those assembled, “[Bank of America] will reap the benefits of what we have sowed.” While one might quibble over the definition of the word “benefit,” the bank was […]

    / Sep 2, 2014 at 12:52 PM
  • Angelo_Mozilo

    News

    Bank of America Continuing To Reap What Country Wide Hath Sowed

    June 29, 2009: Countrywide Chairman and CEO Angelo Mozilo utters greatest veiled threat ever when he tells CFC shareholders at their final meeting that Bank of America “will reap the benefits of what we have sowed.” October 25, 2012: Analysts estimate the benefits of acquiring Countrywide have so far cost Bank of America $40+ billion […]

    / Oct 8, 2013 at 4:40 PM
  • brianmoynihanbofa2

    News

    Brian Moynihan May Have Kinda-Sorta Kept Running Countrywide Like Angelo Mozilo

    Countrywide is both an albatross and a boon for Brian Moynihan. Sure, it’s the reason for all of Bank of America’s troubles, but it’s also really convenient to have such a reason.

    / Feb 4, 2013 at 3:08 PM
  • angelo_mozilo

    News

    Angelo Mozilo: Countrywide Was The Cadillac Of Mortgage Lenders

    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.

    / Dec 13, 2012 at 12:48 PM
  • brianmoynihanbofa

    News

    Are You A Financial Services Company Stuffed To Gills With Toxic Assets And/Or On The Verge Of Bankruptcy? Don’t Hold Your Breath For Brian Moynihan’s Call

    Time was, Bank of America loved buying companies. Bonus points if there was a not-so-subtle suggestion by the target’s CEO that BofA would one day be very sorry for doing so, or that they would’ve been better off picking up an asbestos manufacturer, or that they were looking at roughly $40 billion (and counting) in legal fees associated with fuck-ups that were to become Bank of America’s problem, or that they would have night terrors for the rest of their lives about signing those papers. As it’s been a while since BofA went shopping, some in the financial services industry have been wondering if we can expect any announcements re: big deals anytime soon or if Ken Lewis’s unsolicited suggestions (Groupon, Sino Forest, The Thirsty Beaver, and most recently: “a P&C insurer with outsized exposure to the Northeast”) are or have ever been under consideration?

    Sadly for fans of the Lewis Era/style of doing business, not so much.

    Mr. Moynihan said in response to an audience question [at the bank’s two-day investor presentation conference for financial companies at the Plaza hotel] that the bank has “no acquisition plan at all.”

    BofA’s Moynihan Says Fiscal Cliff Impact Already Happening [WSJ]

    / Nov 13, 2012 at 12:40 PM
  • News

    Bank Of America Briefly Considered Unburdening Itself Of The Drunken Mistake That Was Countrywide

    And then decided that sticking with the “worst deal in the history of American finance,” which has cost it $40 billion in cleanup so far, made them at least look like responsible adults, facing the consequences of their actions, rather than deadbeats trying to take the easy way out.

    Long before Sanford Weill suggested last week that big banks should split up, Bank of America executives and directors considered the idea and then decided against it, said people close to the nation’s second-biggest bank by assets…Chief Executive Brian Moynihan and his team looked at a possible bankruptcy of Countrywide Financial Corp., the troubled mortgage operation it purchased in 2008. Management also studied whether it made sense to break off Merrill Lynch, the securities firm it purchased in 2009. Mr. Moynihan ultimately recommended to his board that neither action made sense. The company decided Merrill had become too big of a profit center and splitting it off could expose the brokerage firm to the sort of funding problems that killed off other Wall Street firms in 2008. Meanwhile, it felt bankruptcy of Countrywide might invite more legal and reputational troubles for Bank of America while exposing other subsidiaries to problems.

    Bank Breakups, Not So Fast [WSJ]

    / Jul 30, 2012 at 2:35 PM
  • News

    Bank Of America Wins (Unofficial) Deal-Making Award For Remarkable Achievement

    Remember when Bank of America bought Countrywide in 2008 and CFC Chief Executive Officer/Oracle Angelo Mozilo said they wouldn’t be sorry and it wouldn’t be long before BofA would “reap what Countrywide hath sowed“? He wasn’t kidding and now, finally, BAC and Ken Lewis, the guy who had the foresight to do the deal, are having their vision and skills recognized.

    Bank of America thought it had a bargain four years ago when it paid $2.5 billion for tottering mortgage lender Countrywide Financial Corp. But the ill-fated decision has already cost the Charlotte, N.C., lender more than $40 billion in real-estate losses, legal expenses and settlements with state and federal agencies, according to people close to the bank. “It is the worst deal in the history of American finance,” said Tony Plath, a banking and finance professor at the University of North Carolina at Charlotte. “Hands down.”

    Bank Of America’s $40 Billion Mistake [WSJ]

    / Jun 29, 2012 at 1:53 PM
  • News

    Bank Of America Still “Reaping The Benefits Of What Countrywide Hath Sowed”

    Remember, back in ’08, when Angelo Mozilo cried while telling a bunch of Countrywide shareholders that Bank of America, which had just bought the place, would “reap the benefits of what we have sowed“? Obviously that was was Moz-Speak for “you’re about to find out what it’s like to be forcibly sodomized for all eternity,” […]

    / Dec 21, 2011 at 3:46 PM
  • News

    Angelo Mozilo: Lover, Friend, Prophet

    Angelo Mozilo, June 26, 2008: “Bank of America will reap the benefits of what we have sowed.” August 31, 2011:

    / Aug 31, 2011 at 10:47 AM
  • News

    Angelo Mozilo Continues To Haunt Bank Of America

    Angelo Mozilo, June 26, 2008: “Bank of America will reap the benefits of what we have sowed.” Chris Kotowski, January 24, 2011:

    / Jan 24, 2011 at 4:28 PM
  • News

    Who Wants To Sue Bank Of America?

    So far those on Team “I’m here for the gang bang” include PIMCO, BlackRock, MetLife, TCW Group and the NY Fed but there is always room for one more. Surely someone else out there is feeling incensed about some stuff that went down at Countrywide and is looking to take action. In related news, I […]

    / Oct 19, 2010 at 3:15 PM
  • News

    How Much Is Angelo Mozilo’s Settlement Costing Him?

    “The former Countrywide Financial Corp. chief agreed Friday to a settlement that requires him to pay 16 cents out of his own pocket for every dollar federal authorities claimed he had taken out of the company in ill-gotten personal gains.” [HP]

    / Oct 18, 2010 at 10:00 AM
  • News

    Angelo Mozilo To Pay SEC $67.5 Million For Pesky Little Fraud Charges To Go Away

    As part of the settlement, the regulator agreed to allow the Countrywide founder to drop the money in small denominations from his private jet, over a cattle ranch in Montana, where SEC staffers will have 30 minutes to scurry around picking up every ever last bill,** en route to a much needed visit to Fresno, […]

    / Oct 15, 2010 at 2:20 PM
  • News

    Kerry Killinger Fell On Non-Colorblind Side Of Ang Moz Debate

    When it comes down to it, there are two types of people in this world. Those who, when asked the question, what is Angelo Mozilo’s race, answer “African American,” and those who answer “Tanning bed-Orange.” Thanks to today’s hearing on the hill, and the the Senate’s 600+ page report on Wamu’s death, we now know […]

    / Apr 13, 2010 at 5:40 PM
  • News

    More Reasons to Hate Countrywide, Angelo Mozilo

    The latest issue of Barron’s cites a particularly juicy lawsuit recently filed by Countrywide Home Loans (now part of Bank of America) against Mortgage Guarantee Insurance Corp. over the mortgage insurer’s refusal to pay claims on some of Countrywide’s toxic loans. MGIC’s investigation of Countrywide’s dirty lending practices, which is attached to a court motion, […]

    / Apr 5, 2010 at 4:06 PM
  • News

    Sleep Where Ken Lewis Hath Slept

    In the market for a place to call home in Charlotte, North Carolina? Want a place filled with memories and a wet bar where many a Boone’s cocktail was stirred? Fantabulous news– Ken Lewis is trying to sell his house. The 7517 Morrocroft Farms abode comes with 4 bedrooms, five fireplaces, a patio, a porch, […]

    / Feb 16, 2010 at 10:10 AM
  • News

    The Origins Of Tim Geithner’s Orange

    Tim Geithner is testifying before the the Congressional Oversight Panel this morning, and he’s doing so with a look that would be best described as Angelo Mozilo-lite. We need to know more. I leave it to you: Online Surveys & Market Research

    / Dec 10, 2009 at 10:55 AM
  • News

    Gunning For The Silver

    Country Bank of Amerillwide (current share price having broken the $5.00 firewall on its way to $4.41) is neither a bank, American, a country, Merrill or wide. In fact, at this point, the only thing it really has going for it is the backing of Angelo “The Bronze Medal” Mozilo. Discuss.

    / Feb 5, 2009 at 12:44 PM
  • News

    Countrywide Employees Reaping ‘Benefits’ Of Takeover Already

    Countrywide CEO Angelo Mozilo promised at the last CFC shareholder meeting that Bank of America “will reap the benefits of what we have sowed,” if finding out what it feels like to be ass-raped for an eternity is considered a benefit, which it is in some cultures. B of A is not the only one […]

    / Jul 7, 2008 at 11:07 AM
  • News

    Our Obsession With Ownership
    Notes From The Ruins Of The Ownership Society

    Homeownership is overrated and the government went too far in pushing it on the American people, Paul Krugman writes in today’s New York Times. He suggests it’s time for America to “drop the obsession with ownership.” We couldn’t agree more. Four months ago we wrote: “The social engineering program entitled the ‘ownership society’ has failed […]

    / Jun 23, 2008 at 3:46 PM
  • News

    Angelo Mozilo Ups Used Car Salesman Ante At Countrywide

    Connecticut Senator Christopher Dodd, North Dakota Senator Kent Conrad, former Secretary of Housing and Urban Development Alphonso Jackson, former Secretary of Health and Human Services Donna Shalala, and former U.N. ambassador and assistant Secretary of State Richard Holbrooke were part of Countrywide Financial’s “V.I.P.” program in 2003 and 2004, which waived points, lender fees and […]

    / Jun 13, 2008 at 2:18 PM
  • News

    New Details Emerge From Ed McMahon Foreclosure File

    He might be out on the street ’cause he was hammered for forty some-odd years. Even though Angelo Mozilo’s religious devotion to “Star Search” might still save the old guy, EMcM’s manager, Johnny Podell is covering his bases, telling Page Six, “You drink and you don’t pay attention to your business affairs. [Ed] wasn’t paying […]

    / Jun 6, 2008 at 12:50 PM
  • News

    Will His Orangeness Spare Ed McMahon?

    Time to add another notch to Angelo Mozilo’s body count belt. Nothing official yet, but considering his track record with epidermis, Bear Stearns, bees and a chihuahua, this one’s pretty much in the bag. Today’s kill is Ed McMahon, who’s might lose his Beverly Hills home to a foreclosure action initiated by Countrywide, because EMcM’s […]

    / Jun 4, 2008 at 12:20 PM
  • News

    Reached At His Tanning Bed, Angelo Mozilo Said He Just Wanted To Know “How That Broad Got Her Hands On My Mission Statement?”

    Rejecting the arguments of Countrywide executives and directors that they were unaware of lax loan operations that led to ballooning defaults, Judge Mariana R. Pfaelzer of Federal District Court in Los Angeles ruled Tuesday that she found confidential witness accounts in the shareholder complaint to be credible and that they suggested “a widespread company culture […]

    / May 15, 2008 at 1:12 PM
  • News

    This Is An Outrage

    And no, I’m not talking about the acquittal of Sean Bell’s killers. We all know the only thing cops can’t get away with in this city is sodomizing suspects after they’ve been arrested. That’s a no-no (prior to the arrest: go nuts). I’m talking about Angelo Mozilo, and the gross injustice that was his compensation […]

    / Apr 25, 2008 at 11:00 AM
  • Bank of America

    “I’m Dead Serious. From Now On, Government Issued Photo ID Required For All Applicants (Mexican Consulate Documents NOW ACCEPTED!)”

    Yesterday, Lewis spent time at the annual meeting defending the Countrywide acquisition, and telling investors that both companies would be much more prudent with underwriting future mortgages. BofA, So Good [NYP]

    / Apr 24, 2008 at 10:43 AM

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