Angelo Mozilo

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Angelo R. Mozilo (born 1938 in New York City) was the chairman of the board and chief executive officer of Countrywide Financial until July 1, 2008.

In 1978 he and his former mentor David S. Loeb, who had already started a mortgage lending company, founded Countrywide Credit Industries in New York. They later moved the headquarters to Calabasas, California in Los Angeles County. Mozilo and Loeb also cofounded IndyMac Bank, which was founded as Countrywide Mortgage Investment, before being spun off as an independent bank in 1997. IndyMac collapsed and was seized by federal regulators on July 11, 2008.

Since Countrywide was listed on the NYSE in 1984, Mozilo has sold $406 million worth of its stock, mostly obtained through stock option grants. $129 million of this was realized in the 12 months ending August 2007.

During the real estate bubble of 2001-06, his total compensation — including salary, bonuses, options and restricted stock — approached $200 million.

"It was impossible to anticipate the credit crisis we've seen on a worldwide basis", said Mozillo after dumping $425,000,000 of CFC shares in September of 2007.

CNBC named Mozilo as one of the "Worst American CEOs of All Time".

Mozilo was unlucky enough to be named to Time magazine's notorious list "25 People To Blame for the Financial Crisis."

Source: Wikipedia