Angelo Mozilo's greatest trade ever
Angelo Mozilo must be feeling pretty good these days. The guy with the perpetual tan earned well over a half billion dollars transforming Countrywide Financial into one of the nation’s leading mortgage lenders and then ran it into the ground by saddling the company with dubious mortgages that nearly led to the country’s ruin. And what is his SEC punishment for alleged insider trading and misleading shareholders? A $67.5 million fine, of which about one-third will be paid by Countrywide’s acquirer, Bank of America, along with his legal fees. What’s more, Mozilo didn’t even have to admit any wrongdoing. In Wall Street parlance, he made one heck of a trade.