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.
Business School Applicants Having None Of This "Show Us You Can Speak Without Paying A Consultant $500 To Show You How" Crap
After years of receiving scripted answers to questions from would-be business school students re: why they want to go to Harvard/Wharton/Stanford/Sloan or what they think of a company's earnings potential or where they see themselves in five to ten years or what they ate for breakfast, admissions officers have lately been taking a new tack in an attempt to see the "real" side of applicants. Hoping to get a little "unrehearsed honesty" and insight into who these people really are, prospective students are being asked to submit "reflections" ("a short, off-the-cut note that must be submitted within 24 hours of an admissions interview") and take part in "team-based discussions," for which they're told to "relax, be genuine," not worry about giving the "right" answer, and just say what they really think, rather than what a coach told them to say they think. Unfortunately, Harvard and Wharton officials apparently have no idea who they're dealing with here. You can't make future b-school students relax and be genuine! You can't! You won't!