Mortgage mess - Angelo Mozilo from Countrywide should resign
Uncategorized October 22nd, 2007
Angelo Mozilo from Countrywide should resign. That is certain groups want.
According to Reuters
NEW YORK, Oct 22 (Reuters) - Countrywide Financial Corp (CFC.N: Quote, Profile, Research) Chief Executive Angelo Mozilo should give up his role as chairman, and the largest U.S. mortgage lender should overhaul its practices for granting stock options, a union-affiliated pension plan urged on Monday.
The proposal by the American Federation of State, County and Municipal Employees increases pressure on Mozilo, who has been faulted for realizing well over $100 million of gains from stock options in the last year, even as the U.S. housing slump caused Countrywide’s fortunes to plummet.
Last week, CtW Investment Group, a pension fund group affiliated with seven labor unions, called on Mozilo to resign. Sen. Charles Schumer, a New York Democrat, asked the U.S. Securities and Exchange Commission to expand an informal probe into stock sales by Mozilo to include Countrywide itself.
