no regrets

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 »

Reaz Islam, who ran Citigroup hedge funds that lost most of their value in 2008, has “no regrets” about his performance and said “ambulance-chasing” lawyers are behind claims that he and the bank misled clients…The funds, now defunct, placed Citigroup at the center of a regulatory probe and a wave of litigation when they crashed four years ago. The Financial Industry Regulatory Authority, or Finra, has ordered the bank to pay at least $60 million to some of the funds’ investors, who said that Citigroup pitched them a safe, more profitable alternative to other fixed-income investments. There are 69 claims remaining, according to Philip Aidikoff, a lawyer for plaintiffs. “This was a high-volatility, high-return strategy and never a safe and riskless investment as claimed by a few rogue, ambulance-chasing attorneys,” Islam said in an e-mail. “I have no regrets and obviously learned a lot from the crisis, notably to expect the unexpected at all times and how people change color in times of crisis.” [Bloomberg]