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Angelo R. Mozilo
Angelo R. Mozilo (nee Abe Moishe?) was the chairman of the board
and chief executive officer of Countrywide Financial until July 1,
2008. He is the son of a Bronx butcher.
Since Countrywide was listed on the NYSE in 1984, Mozilo has sold $406
million worth of its stock, mostly obtained through stock option
grants. $129 million of this was realized in the 12 months ending
August 2007. Mozilo's compensation during the United States housing
bubble of 2001–06 has come under scrutiny. During that period, his
total compensation (including salary, bonuses, options and restricted
stock) approached $470 million.
Over many years, Mozilo sold hundreds of millions of dollars in stock
personally[9], even while publicly touting the stock and using
shareholder funds to buy back stock to support the share price. On
June 4, 2009, the U.S. Securities and Exchange Commission charged
former CEO Angelo Mozilo with insider trading and securities fraud.
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David Loeb Is His Partner
In 1978 he and his former mentor David S. Loeb, who had already
started a mortgage lending company, founded Countrywide Credit
Industries in New York. They later moved the headquarters to
Calabasas, California in Los Angeles County. Mozilo and Loeb also
cofounded IndyMac Bank, which was founded as Countrywide Mortgage
Investment, before being spun off as an independent bank in 1997.
IndyMac collapsed and was seized by federal regulators on July 11,
2008.
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