Mozilo's moment: Countrywide's chairman nears tears after a standing ovation
Here's video I'd like to see: Countrywide Financial employees and shareholders gave chairman Angelo Mozilo (pictured) a standing ovation today, and Mozilo "fought back tears" at a shareholders meeting to approve the sale of the company, according to Reuters.
Here's more: "Scott Adams, coordinator for a pension program of the American Federation of State, County and Municipal Employees, said the Countrywide shareholders meeting lasted fewer than 20 minutes and had about 300 attendees, including many employees.
"He said Mozilo, 69, entered to a standing ovation, and then fought back tears in recalling how he had received a loan from Bank of America to help co-found Countrywide.
"Mozilo, the son of a Bronx, New York, butcher, said he felt emotional because of his Italian heritage, Adams said."
I doubt that shareholders or Mozilo discussed the new lawsuits against the company, filed by attorneys general in California and Illinios.
Your thoughts? Comments? E-mail story tips to peter.viles@latimes.com.
Photo credit: Getty Images
The dam seems to have burst today news-wise.
What's he saying, that Italian's are emotional? Or that he feels bad to have ridden CW down to the dirt, and how that reflects on the Italian community?
Posted by: Duke of Moral Hazard | June 25, 2008 at 01:27 PM
The ones who should be in tears are Bank of America shareholders who were outvoted and wanted to block the merger.
Mozilo's tears should be tears of joy - he actually suckered someone into buying his company.
Posted by: Tim K. | June 25, 2008 at 01:32 PM
He's definitely going for either the alter boy look or the dapper priest, with his huge starched white collar.
Posted by: Duke of Moral Hazard | June 25, 2008 at 02:02 PM
Any tears for the shareholders?
Posted by: William E. Jones | June 25, 2008 at 02:07 PM
I'd be crying too... if I were headed for jail.
Biggest gangster from the Bronx since
Dutch Shultz.
Posted by: land of the free | June 25, 2008 at 03:16 PM
Bank of America was originally founded as Bank of Italy in San Francisco and catered to small business owners in the Italian community.
Posted by: Pasadena | June 25, 2008 at 06:14 PM
Color me verklempt.
Posted by: Housing Bull Chorus | June 25, 2008 at 08:16 PM
Ken Lay has got a new friend! Hey, I got an idea! How about Jeff Skilling and Angelo Mozilo becoming roommates.
Posted by: Dean Ross | June 26, 2008 at 03:34 AM
Angelo is a pig! He hates everybody. Even his own son. He would not give him any responsibility at Countrywide. He knew exactly what he was doing to fill his bag at the expense of the average working man. He well only pay a fine and that well be that.....
Posted by: Cheri Ratino | June 26, 2008 at 04:04 PM
Is that a head, or a sweet potato growing out of a suit?
Posted by: TParker | June 27, 2008 at 09:39 AM