K. Mennem 7:17 p.m., June 17
Website Slams Mozilo Appearance, Noting Stock Sales Before Crash
A website, disinvitemozilo.com, is criticizing the upcoming appearance of Angelo R. Mozilo, CEO of Countrywide Financial, at the USD real estate conference Jan. 22. Details of the conference are in the post below. Says the website, "Mozilo rakes it in, while thousands are laid off." The New York Times reported on Oct. 18 of last year that the SEC had launched an informal investigation into his stock sales. Since 2005, Mozilo had dumped $300 million worth of stock, noted Gretchen Morgenson of the Times, and the sales had accelerated in late 2006, when the mortgage woes were beginning to become known. The website features a chart of Mozilo's 2007 stock sales. The irony is that Mozilo's speech is sponsored by the Burnham-Moores Center for Real Estate at the university. John Moores dumped $650 million worth of Peregrine Systems stock before the company collapsed. He was chairman during most of its existence. There are civil suits against him on the jettisoning of shares.