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It Was This Or Trying To Use The Excuse That O'Neal Couldn't Reschedule Thursday's Tee Time

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A congressional hearing set to showcase the vocal stylings of Stan O’Neal, Chuck Prince and Angelo Mozilo with showstoppers on how they lost their companies trillions of dollars but still made out like bandits themselves has been postponed due to the sudden death of the tan one’s mom. We know what you’re thinking but let us be the first (and only?) to say there probably wasn’t any foul play at hand, considering that it was Crocodile who forfeited $37.5 million in payments tied to the BoA deal while Prince and O’Neal decided to keep their $68 million and $161 million, respectively, i.e. Moz is the least likely candidate among the three to pull a stunt. The timing is helpful, though, considering he hasn’t yet come up with a plausible explanation to account for the missing singles his staff wasn’t able to find the time he threw $500,000 in small bills out a plane window over a cattle ranch in Montana, and made them pick up the scratch during a blizzard. That one's going to take a few days. A half-assed “Strippers” isn’t going to pass the sniff test.
Congress' executive pay hearing postponed [CNN Money]


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]

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.