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Countrywide dogs howling over bare bones Just when BofA maybe thought all was well with their purchase of Countrywide, suddenly a pack of dogs wants to (and may well) force Countrywide into bankruptcy to grab assets. Why? Because Countrywide didn’t tell holders of certain of their convertible notes that, due to them being bought, [...] Sen. Dodd claims he wants to reform the very same industry where he got low rate mortgages personally ok’ed by Countrywide CEO Angelo Mozilo. Dodd’s office quickly responded to the potentially costly revelation with a statement: “The Dodds received a competitive rate on their loans. They did not seek or anticipate any special treatment, and [...] Senators Dodd and Conrad are among the government officials who scored V.I.P. loans from C.E.O. Angelo Mozilo. Countrywide CEO Mozilo personally ok’ed the loan terms too and the senators (and other politically connected people) received better deals than ordinary homeowners. How cozy. Some might even call it corrupt. I’m guessing CEO Angelo “If I can’t drive a company into bankruptcy and keep billions while doing so, then I fear socialism is coming to the US” Mozilo may well be having some sleepless nights. Can you say “Enron?” I knew you could. And Mozilo doesn’t have a US president running interference for him either. [...] BofA is in “advanced talks” to buy Countrywide. (Their original stake in Countrywide, taken a few months back, was at $18 a share. Countrywide closed today at $7.) |  | ||||
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