Economic Charts

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Sunday, October 17, 2010

Have You Looked at Angelo Mozilo's Facebook Recently

ZeroHedge posted an article the other day with Angelo Mozilo's Facebook page.  For those of you who don't know who Angelo Mozilo is, he was the CEO of Countrywide Mortgage who misled investors on the company's situation (risky loan portfolio and deteriorating assets), used shareholder funds to buy back the stock too keep the price elevated.  While doing this, he personally sold off hundreds of millions of dollars in stock.  On friday Oct 15th 2010 he evaded trial by giving a $67.5 million dollar penalty.  Mozilo's actions cost the company billions of dollars (in share price) when it became public that the assets were toxic.  Mozillo's Facebook page is found here.  Pay particular attention to his friends in the screen capture of his Facebook page, very interesting (remember them on election day).

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