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. Read more »
- 27 Nov 2013 at 1:30 PM
The holiday season is nigh and you still haven’t shopped. While you’re dreaming only of sugar plum fairies bearing fat bonuses, you don’t the time to mingle with the riff raff at some big box nightmare. Dealbreaker is here to help. Behold the 2013 Dealbreaker Holiday Gift Guide, chockfull of descriptors like “custom,” “gourmet,” “housecleaning,” and “DB swag.”
Click through to check out all of our gift choices for the hardcore capitalist in your life.
- Angelo Mozilo: Countrywide Was The Cadillac Of Mortgage Lenders December 13, 2012
- Credit Suisse Employee Moonlights As Breakdancing National Champion December 6, 2013
- Don't Want To Get On Compliance's Watch List? Consider Not Going On Endlessly About How Ravenous You Are Or How They're Expecting You At Chipotle; One "God Damn It I'm Starving" Or "Need Burrito In Mouth, Stat" Should Suffice December 6, 2013
- Using Yiddish Word For Screwing Only One Of The Many Colorful Ways That Bernie Madoff Made Clear He Was Up To No Good December 6, 2013
- Who Among Us Wouldn't Listen To A Guy Pitch An Investment Involving "Pay-Per-View Programming Starring Carmen Electra" And Proceed To Wire Him $195,000? December 5, 2013
- Charlie Gasparino's Gut Tells Him Trouble Is Brewing At Goldman Sachs, Though In Fairness That Could Just Be Last Night's Chinese December 6, 2013
- Applicant Formerly Interested In Wells Fargo Securities Analyst Program Has Epiphany November 25, 2013
- The 2013 Dealbreaker Holiday Gift Guide November 27, 2013
- Opening Bell: 12.06.13 December 6, 2013
- Layoffs Watch '14: Investment Banking December 4, 2013
- Executive Editor
- Bess Levin
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