I am new to bloging and have found that it is really helpfull in gathering informaiton about specific topics. I have been looking for a great blog to join. I have noticed in my search that some people write thing like nice post and that is it. They are not using the this information source to help them in any way. Bloging is one of the greatest thing on the web and that is saying alot. Oh and great post.
Q: Let me turn to another source of upset, and that is you selling stock. You’ve made more than $100 million just in the last year. How do you answer people who say it is wrong for you to be selling while shareholders watch their shares drop?
A: I have not sold any stock—to my recollection—in 10 years. Everything I’ve sold were options. The selling is because [when the options] expire, I no longer have the benefit of what I have built and what this team has built for the last 40 years. Up until this debacle, I created $25 billion in value for shareholders. There have been very few—only about 11 stocks—that have performed better over the last 25 years than Countrywide. I could have sold all of those shares at 40 bucks a share and didn’t because I want to be aligned with the shareholders.
Also, I have to have an orderly way of selling the stock. I could sell everything today, but I don’t. If anything, I have frankly gone overboard to protect the interest of the shareholders, sometimes at the expense of my family.
Q: Did your planned selling accelerate beginning last fall?
A: Let me see, there were two contracts involved. One, I think—I don’t know when these things originate—was in October and one in December. And they didn’t accelerate. There was just an additional contract put on, I believe in December.
Paul Escobedo says:
I am new to bloging and have found that it is really helpfull in gathering informaiton about specific topics. I have been looking for a great blog to join. I have noticed in my search that some people write thing like nice post and that is it. They are not using the this information source to help them in any way. Bloging is one of the greatest thing on the web and that is saying alot. Oh and great post.
October 17, 2007 — 4:30 pm
Mark A. says:
There’s also this:
http://www.businessweek.com/bwdaily/dnflash/content/aug2007/db20070829_117563_page_2.htm
when Maria Bartiromo was digging:
Q: Let me turn to another source of upset, and that is you selling stock. You’ve made more than $100 million just in the last year. How do you answer people who say it is wrong for you to be selling while shareholders watch their shares drop?
A: I have not sold any stock—to my recollection—in 10 years. Everything I’ve sold were options. The selling is because [when the options] expire, I no longer have the benefit of what I have built and what this team has built for the last 40 years. Up until this debacle, I created $25 billion in value for shareholders. There have been very few—only about 11 stocks—that have performed better over the last 25 years than Countrywide. I could have sold all of those shares at 40 bucks a share and didn’t because I want to be aligned with the shareholders.
Also, I have to have an orderly way of selling the stock. I could sell everything today, but I don’t. If anything, I have frankly gone overboard to protect the interest of the shareholders, sometimes at the expense of my family.
Q: Did your planned selling accelerate beginning last fall?
A: Let me see, there were two contracts involved. One, I think—I don’t know when these things originate—was in October and one in December. And they didn’t accelerate. There was just an additional contract put on, I believe in December.
October 17, 2007 — 6:04 pm
Brian Brady says:
The options, Mr. Mozilo had, could have been exercised and held; he certainly has the means to do just that.
Exercise and hold would have been a sign of confidence to those of us who did own the company (disclosure: I owned Countrywide until late March).
October 17, 2007 — 8:20 pm
Sean Carr says:
Agreed. Skepticism can also be profitable as will be realized by many as October’s option contracts expire tomorrow. Thanks for your insights.
October 18, 2007 — 6:26 pm