Moderator vs Mozilo

Thank you and welcome to this week's edition of The Moderator. Our fake guest this week is CEO of Countrywide Angelo Mozilo. I know that FB has been waiting for this inview since we first decided to do this.

Mozilo: Glad I could make it.

Moderator: Rough week or month or so?

Mozilo: You could say that. It is always a difficult decision to let people in your organization go.

Moderator: 10-12 thousand more in the next 3 months?

Mozilo: We have to be concerned about the future of the company. This is a necessary step to insure that Countrywide continues in the future.

Moderator: And what about news today about the company looking for more help?

Mozilo: No comment.

Moderator: That means it is true. Bank of America put $2 billion up for you and now your company can't even deliver the stock price of $18 that they convert to common stock. And you need even more help?

Mozilo: It is a difficult market out there.

Moderator: No one can do what Countrywide can.

Mozilo: ..............

Moderator: Sorry, must have struck a nerve. Ok, so you don't blame your company for a large part of the current fallout from sub-prime lending?

Mozilo: No, I don't. We originated loans to what the market called for.

Moderator: But you were the largest sub-prime lender in the country. Don't you hold responsibility for some of the issues that now plague the market?

Mozilo: I am responsible to my shareholders.

Moderator: And how is that working out, Spanky?

Mozilo: No so well at the moment...not so well.

Moderator: Yeah. Down 57% on the year. But you personally aren't hurting. You have a high compensation package. You were on the board when Robert "Count the Money and Run" Nardelli was stealing Home Depot blind.

Mozilo: So? You don't think it kills me to see the company I created struggle the way it has? Do you think I enjoy cutting staff? Do you think I give a darn about what I make personally when the rest of the company is basically dying?

Moderator: No, I don't think it bothers you at all.

Mozilo: Ok, (laughing) you're right. I do have a lot of money. I had you going no? You thought for a moment I was a good guy right? Can I sell it? Huh? Huh? Can I sell it?

Moderator: No. Not impressed in the slightest. Well that is all for this week. We haven't decided on who I will interview for next week. I am hoping the Bullet will let me choose someone from another arena other than personal finance. It would be nice.

Later.