Countrywide's Mozilo as Train Wreck: Experts' ViewsMazilo and BoardIt is my belief not to reward those who by their own deceit, greed, arrogance, and ineptitude unjustly benefit at the expense and suffering of so many. My view is if future offenders are to be stopped, Mazilo and his weenie...
The principal author of the Dodd-Shelby housing bill is Sen. Christopher Dodd, a Connecticut Democrat who chairs the Senate Banking Committee. Portfolio magazine has revealed that Dodd was one of two U.S. senators who benefited from Countrywide Financial's "Friends of Angelo" program named for CEO Angelo Mozilo, under...
Business News IN BRIEF *Angelo Mozilo, founder of Countrywide Financial, until last year the biggest mortgage lender in the US, is facing civil charges in two states over claims that he turned a blind eye to fraudulent lending practices that have saddled millions...
LOS ANGELES -- Countrywide Financial Corp.'s shareholders cleared the way Wednesday for the company to be taken over by Bank of America Corp., even as officials in two states filed lawsuits contending the distressed mortgage lender misled borrowers into taking on risky home loans. ...
The US government is taking action against people involved in the sub-prime mortgage crisis that has infected the entire financial system and which threatens a recession. By Stephen Foley Business Analysis It's that time of the boom-and-bust cycle when...
WASHINGTON -- Citizens Against Government Waste CAGW today named Senate Banking Committee Chairman Christopher Dodd (D-Conn.) its June Porker of the Month for accepting a preferential mortgage deal from a company which stands to benefit from a mortgage bailout bill he is pushing through Congress. ...
When average consumers shop for a home mortgage, they don't end up chatting with the lending company's CEO. Nor are they likely to gain access to a special program for Very Important People. But things are different in Washington, where two U.S. senators and other insiders...
WASHINGTON -- Senate Budget Committee Chairman Kent Conrad said Saturday he is donating $10,500 to charity and refinancing his loan on an apartment building after reviewing documents showing he received special treatment from Countrywide Financial Corp. Conrad said it appears that Countrywide waived...
WASHINGTON AFP — Countrywide Financial, the largest mortgage lender at the center of the US housing crisis, regularly gave loans on favorable terms to prominent lawmakers and former cabinet members, according to US media. The preferential treatment for senators including Democrat Chris Dodd, chairman of the...
WASHINGTON AP -- Barack Obama ramped up his search for a running mate on Monday, consulting with one congressional ally by phone and dispatching members of his vice presidential vetting team to the Capitol for meetings. Sen. Dick Durbin said he had spoken...
Governance gurus weigh in on boardroom brouhaha at the troubled mortgage lender. Just four years ago, Countrywide, and its cofounding CEO, Angelo Mozilo, seemed positively prescient. Quickly seizing on the popularity of adjustable rate mortgages in 2004, the firm came up with a smorgasbord of new...
The federal district court overseeing aderivative action concerning the collapse of Countrywide FinancialCorporation (NYSE: CFC) issued an important ruling today upholding, inlarge part, the plaintiffs' claims against certain officers and directorsof the Company. The action alleges breaches of fiduciary duty byCountrywide's officers and directors, including Angelo Mozilo and DavidSambol,...
When a company's chief financial officer has an accounting problem, he or she can turn to the outside auditors for advice. But when a board's compensation committee seeks help in creating a CEO compensation package, it's not as easy. Consider the case of Countrywide CEO Angelo Mozilo, who...
According to the latestresearch by The CorporateLibrary , 20 percent of CEOs (more than 650 individuals) receive taxgross-ups on part of their income. Tax gross-ups were provided forperquisites such as housing, gifts, security, country club fees, executiveretreats, and even PS3s. Data was collected from 3,297 proxy...
Tom Lehner, the director of public policy for the Business Roundtable, relates a conversation he had recently with the CEO of a Fortune 500 company, who he declines to name. The CEO's company, like 350 others, received a letter from the U.S. Securities and...
The heads of financial-services firms’ compensation committees have a lot of explaining to do. Specifically, John Finnegan, CEO of The Chubb Corp., Harley Snyder, CEO of HSC, and Alan J.P. Belda, chairman and CEO of Alcoa. The trio chair those committees at Merrill Lynch, Countrywide and Citigroup, respectively. Their sin?...
WASHINGTON -- Lawmakers confronted corporate executives Friday about how they managed to take home hundreds of millions of dollars in compensation while their companies were taking a financial nosedive from the subprime mortgage crisis. "It seems that CEOs hit the lottery when their companies collapse," House Oversight...
WASHINGTON -- Three corporate executives called in for a shaming by Democratic lawmakers Friday defended raking in hundreds of millions of dollars despite contributing to the subprime mortgage crisis that has their companies reeling from losses and the nation on the edge of recession. "There's a...
With the eyes of Wall Street - and a good part of Main Street - upon them, three former financial titans of America were obliged yesterday to defend before Congress the exorbitant pay packages they received even as they each lost their jobs in the tsunami wave of housing-credit writedowns...
The inadequacy of board oversight of CEOcompensation practices at companies hit by the sub-prime mortgage crisiswill be brought to light today at the U.S. House Committee on Oversight andGovernment Reform meeting in testimony by Nell Minow, Editor and Co-Founder of The CorporateLibrary . "With executive compensation you get...
Articles 2008-03-07
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