Monday, July 28, 2008

Angelo's Many "Friends"

Very interesting article in the August issue of Conde Nast Portfolio magazine:
Angelo's Many "Friends"

According to the article, Angelo Mozilo, former Chairman and CEO of Countrywide Financial, gave preferential loan terms, via a "V.I.P." program (aka "Friends of Angelo"), to members of Congress, Senators, influential lawmakers, CEOs, etc.

This includes two former CEOs of Fannie Mae, the CEO of KB Homes, the chairman of the Senate Committee on Banking, Housing, and Urban Affairs, two former secretaries of HUD, etc...

Conflicts of interest, code of conduct violations, and Sarbanes-Oxley?

Mozilo's moral code seems pretty shady...

You must check out the list of those involved:
The Countrywide Lineup (from

Related articles:
Countrywide's Many 'Friends' (from
Countrywide Friends Got Good Loans (from the Wall Street Journal Online)

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