Mozilo Buys His Way Out of Prison, Our Two Tier American Justice System Still Working Fine
In 2006 and 2007, while that idiot Cramer of "Mad Money" fame was touting Countrywide Mortgage as a "buy" on CNBC, I was watching Angelo Mozilo. Mozilo was the founder of Countrywide Mortgage and he was selling hundreds of millions of dollars worth of company stock. I was tracking his insider sales on E Trade. So about the time Cramer had Mozilo on his TV show, I very nearly threw a brick through the Samsung. I remember Cramer saying Mozilo had founded the company and was entitled to take a "little money off the table." To say that Cramer kissed Mozilo's ass is an understatement. He completely avoided any mention of the size of those sales. Mozilo was completely liquidating his ownership in the company. I truly hope nobody bought Countrywide. Cramer should have been flogged in the square for his role in that interview. To this day, I refuse to watch his show. I had a mortgage originator insider tell me what kind of loans Countrywide was making at that ...