Countrywide Financial: Mozilo Continues to Dump Shares

Angelo Mozilo, chairman and chief executive of Countrywide Financial (CFC), managed to keep his finger off the sell button for a couple of day.

But his continued faith in his company’s fortunes was further demonstrated Thursday, when he dumped another 46,000 shares at $35.63, for proceeds of $1.64 million (see earlier coverage). For those playing at home and keeping score, that brings his total dumpage since Feb. 1 to 928,000 shares for $36.9 million.

Word is that this latest disgorgement was a sort-of margin call: his tanning salon demanded payment.

Comments

[cohenbarryj:]

Is it 12 (b)-5 selling ? If so this has been going on for I believe more than three (3) years. Kinda the corporate version of a reverse DRIP program. Don't get me wrong, would like to see some cash purchase from all of these senior managers that tell investors how wonderful things are and how misunderstood the value of the company is (i.e. cheap). Maybe instead of options grants, Boards of Directors shoudl pay people in cash but make them buy shares in the open market with a certain percentage of the pay/bonus. This way we (shareholders) would see the 1) less dilution, 2) the real cost associated with ownership (compensation expense) and executives would be really tied to shares.

2007 Mar 19 11:32 AM