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Angelo Mozilo

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BUSINESS
May 1, 2012 | By Lauren Beale, Los Angeles Times
Former Countrywide Financial Corp. chairman and chief executive Angelo R. Mozilo and his wife, Phyllis, have sold their house in Thousand Oaks for $2.9 million. Countrywide helped fuel the boom in risky subprime loans that led to the foreclosure crisis. Federal prosecutors shelved a criminal probe of Mozilo last year after determining that his actions in the mortgage meltdown — which led to a $67.5-million settlement against him — did not amount to criminal wrongdoing.
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BUSINESS
December 14, 2013 | By E. Scott Reckard
Daniel A. Bailey Jr. isn't your average homeowner. He hasn't paid his mortgage in more than five years, and has no plans to start now. His stance stems from a bizarre incident that thrust Bailey into the news in 2008, when he suddenly became a public relations liability for embattled home lender Countrywide Financial of Calabasas. Bailey had blanketed Countrywide with emails begging for a mortgage modification. The reply came from none other than Angelo Mozilo, Countrywide's chief executive, who accidentally hit "reply" instead of "forward" on a note meant for colleagues.
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BUSINESS
September 19, 2007 | David Streitfeld, Times Staff Writer
san francisco -- Angelo Mozilo, chief executive of beleaguered Countrywide Financial Corp., said Tuesday that the lender was making progress in adjusting to the harsh new realities of the home mortgage market. "With pain comes opportunity," Mozilo said at an investment conference here hosted by Bank of America Corp., which recently invested $2 billion in Countrywide. One opportunity that Mozilo sees is for Countrywide to expand its banking operations.
OPINION
April 16, 2013
Re "Ex-KPMG accountant is charged," Business, April 12 For the 25 years I ran the California Community Foundation, KPMG was our auditing firm. For 10 of those years, our auditor was Scott London, the former KPMG auditor accused of fraud. I knew London only through our meetings at the foundation, but I liked what I saw. If life were "The Simpsons," the affable London would be Ned Flanders. But he was enormously successful, earning more than $500,000 a year. This makes the $25,000 to $50,000 he received for abetting his friend in insider trading all the more inexplicable and tragic.
BUSINESS
October 20, 2007 | Kathy M. Kristof, Times Staff Writer
A union-affiliated pension plan is calling on Countrywide Financial Corp. to take the chairman's post away from Chief Executive Angelo Mozilo amid growing criticism of the company's management and a sharp decline in its stock price this year.
BUSINESS
December 14, 2013 | By E. Scott Reckard
Daniel A. Bailey Jr. isn't your average homeowner. He hasn't paid his mortgage in more than five years, and has no plans to start now. His stance stems from a bizarre incident that thrust Bailey into the news in 2008, when he suddenly became a public relations liability for embattled home lender Countrywide Financial of Calabasas. Bailey had blanketed Countrywide with emails begging for a mortgage modification. The reply came from none other than Angelo Mozilo, Countrywide's chief executive, who accidentally hit "reply" instead of "forward" on a note meant for colleagues.
BUSINESS
May 26, 2009 | William Heisel and E. Scott Reckard
In the court of public opinion, Countrywide Financial Corp. co-founder Angelo Mozilo is the chief villain in the mortgage crisis that has crippled the economy. But, even with arrows in his back from politicians and pundits and an outraged public, he could still ride into the sunset mostly unscathed, several prosecutors and other legal experts say. The sheer volume and complexity of the cases against Mozilo open opportunities for shrewd legal maneuvering.
NEWS
March 22, 2008
Edison chief: An article in Business on Tuesday about Edison International Chairman and Chief Executive John E. Bryson's compensation package gave an incorrect first name for the chief executive of Countrywide Financial Corp. He is Angelo Mozilo, not Anthony Mozilo.
NEWS
July 19, 2012 | By Stuart Pfeifer
A veteran Securities and Exchange Commission attorney has been named director of the agency's Los Angeles regional office. Michele Wein Layne will oversee a staff of more than 120 employees who enforce securities laws in Southern California, Arizona, Nevada, Hawaii and Guam. Layne, 53, had been associate regional director of the SEC's Los Angeles office since 2005. She began her SEC career 17 years ago, working her way from staff attorney to the head of the busy Los Angeles office.
BUSINESS
January 13, 2008
Angelo Mozilo, chief executive of Countrywide Financial Corp., must have known his company was skating on thin ice more than a year ago as he began to cash out more than $140 million in shares in the company. It wasn't as if he was late on his mortgage payment or anything. Countrywide has fired more than 11,000 employees so far and its stock is now worth 85% less than a year ago. The tsunami from the mortgage industry meltdown will be felt for a long time. AT&T shut down service to more than 450,000 customers who could no longer afford to pay those bills.
BUSINESS
February 20, 2013 | By E. Scott Reckard, Los Angeles Times
An appeals court has overturned a $3.8-million jury award to a former Countrywide Financial Corp. human resources executive who contended he was fired because he refused to lie for the giant home lender and exposed unsafe working conditions. Michael Winston, a former leadership coach for Countrywide executives, won a wrongful-termination verdict in February 2011 from a Los Angeles County Superior Court jury in Van Nuys. The suit named as defendants Countrywide and Bank of America Corp., which acquired the high-risk mortgage specialist in 2008 and decided against retaining Winston.
BUSINESS
January 5, 2013 | Michael Hiltzik
If you're concerned about corporate crime, 2012 looked like a pretty successful year for the good guys. The Thousand Oaks biotech giant Amgen paid $762 million in fines and penalties and pleaded guilty to a federal charge related to illegal marketing of its anemia drug Aranesp. Britain's GlaxoSmithKline and Illinois-based Abbott Laboratories paid $3 billion and $1.5 billion in government penalties, respectively, in connection with their off-label promotions of blockbuster drugs.
NEWS
July 19, 2012 | By Stuart Pfeifer
A veteran Securities and Exchange Commission attorney has been named director of the agency's Los Angeles regional office. Michele Wein Layne will oversee a staff of more than 120 employees who enforce securities laws in Southern California, Arizona, Nevada, Hawaii and Guam. Layne, 53, had been associate regional director of the SEC's Los Angeles office since 2005. She began her SEC career 17 years ago, working her way from staff attorney to the head of the busy Los Angeles office.
BUSINESS
May 1, 2012 | By Lauren Beale, Los Angeles Times
Former Countrywide Financial Corp. chairman and chief executive Angelo R. Mozilo and his wife, Phyllis, have sold their house in Thousand Oaks for $2.9 million. Countrywide helped fuel the boom in risky subprime loans that led to the foreclosure crisis. Federal prosecutors shelved a criminal probe of Mozilo last year after determining that his actions in the mortgage meltdown — which led to a $67.5-million settlement against him — did not amount to criminal wrongdoing.
OPINION
September 14, 2011
Bad bank bets Re "BofA plans to cut at least 40,000 jobs," Sept. 10 First, Bank of America makes a bad business decision and buys Countrywide as it is rapidly going down the tubes. Angelo Mozilo, Countrywide's founder, retires on his millions. Bank of America pays the paltry fines levied on Countrywide. Next, the taxpayers bail out Bank of America. At the same time, Bank of America fails to assist people with loans they can't pay on houses that are losing value (instead of gaining in value, as implied by their loan provider)
BUSINESS
July 14, 2011 | By Nathaniel Popper and Alejandro Lazo, Los Angeles Times
California is considering joining New York and Delaware in a wide-ranging investigation into Wall Street's role in the mortgage meltdown that could lead to criminal charges against financial executives. California Atty. Gen. Kamala Harris met with New York Atty. Gen. Eric Schneiderman on Thursday in San Francisco to discuss cooperating on the investigation, which is already one of the broadest to probe how banks encouraged the financial crisis through the creation of risky financial instruments backed by mortgages.
BUSINESS
April 25, 2008 | Kathy M. Kristof, Times Staff Writer
Angelo Mozilo, chief executive of Countrywide Financial Corp., earned $10.8 million and cashed out $121.5 million in stock gains as his company got hammered by losses on sub-prime loans last year. The stock gains were earned when Mozilo exercised stock options and immediately sold them through so-called automatic trading plans, according to a Securities and Exchange Commission filing released Thursday.
BUSINESS
March 16, 2008
Angelo Mozilo was obviously wide awake when the matter of his own self-interest was at stake, but asleep at the switch when Countrywide shares plummeted during the mortgage meltdown ("Mozilo defends stock sales," March 8). There is something terribly wrong with a system that allows greedy chief executives to profit unconscionably while failing at their job. I always thought that a person was rewarded for success, not for abject incompetence and negligence. Obviously, I am naive in thinking that decency and even basic morality have a part to play in the halls of corporate America.
BUSINESS
June 24, 2011 | By E. Scott Reckard, Los Angeles Times
It's not quite up there with former Countrywide boss Angelo Mozilo's $67.5-million settlement, but regulators have fined another former Southland banker for alleged misconduct during the housing boom. Norman A. Morales, the former president and chief executive of Vineyard National Bank, has agreed to fork over a $25,000 money penalty to bank regulators who accused him of having the Corona-based lender pay personal expenses. He didn't admit or deny wrongdoing in signing the settlement last month, according to the consent order with the Office of the Comptroller of the Currency.
BUSINESS
February 18, 2011 | By E. Scott Reckard, Los Angeles Times
Federal prosecutors have shelved a criminal investigation of Angelo R. Mozilo after determining that his actions in the mortgage meltdown ? which led to $67.5-million settlement against him ? did not amount to criminal wrongdoing. As the former chairman of Countrywide Financial Corp., Mozilo helped fuel the boom in risky subprime loans that led to the crippling of the banking industry and the near-collapse of the financial system. A federal grand jury in Los Angeles began probing Mozilo in 2008, and four months ago he agreed to pay a $22.5-million fine and to repay $45 million in what the government said were ill-gotten gains to former Countrywide shareholders.
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