Tuesday, March 10, 2009
- Founder and CEO of Countrywide Finance -- aggressive sub-prime mortgage lender, and the first mortgage lender to top $1 trillion in loans!
- Also co-founded IndyMac bank, another sub-prime mortgage origination factory!
- Wrote risky loans in order to sell them to Wall Street bankers -- who then packaged them into the "toxic assets" that are rotting corporate balance sheets around the globe!
- Son of a . . . butcher!
- Gave special loan terms to friends who really needed the financial break -- including Senator Christopher Dodd (D-CT), former Clinton White House staffer Paul Begala, former Clinton Secretary of Health and Human Services Donna Shalala, former Fannie Mae CEOs James Johnson and Franklin Raines, and diplomat and investment banker Richard Holbrooke!
- Sold off hundreds of millions of dollars in Countrywide stock -- even while assuring buyers of the stock that they'd experience sweetness and light and skyrocketing investment returns!
- Took home $470 million in compensation between 2001 and 2006!
- Referred to borrowers who, under financial duress, contacted Countrywide to request revisions to their loan terms as "disgusting"!
- Proud owner of a George Hamilton tan!
- In January 2008, avoided Countrywide bankruptcy by selling the company to Bank of America -- for $4 billion!
- A month later, BofA (which to date has received $45 billion in bailout money) announced it would settle charges of predatory lending against Countrywide -- at a cost of nearly $9 billion!
- Soon to face SEC fraud charges!
- Believes Countrywide made a "positive impact" on society!
Posted by Joe Six-Pack at 9:15 PM