Friday, June 15, 2007

Countrywide CEO Does The SELL SELL SELL

Countrywide Financial Chairman and CEO Angelo Mozilo (NYSE:CFC) has been selling shares like a shipwreck survivor bailing water out of the emergency life boat. Since May 1 he has disposed of approximately 2 million shares. He has been actively selling well before that.

The stock sale was conducted under a prearranged 10b5-1 trading plan which allows a company insider to set up a program in advance for such transactions and proceed with them even if he or she comes into possession of material nonpublic information.

Angelo Mozilo is a co-founder and aged 68. So with his perspective and long in the tooth experience now that he is in the twilight of his career he has decided to liquidate as quickly as possible and put his money somewhere much safer I assume.

You can listen to all the guidance you want when the CEO runs for the hills investors need to worry.