Countrywide’s CEO failed to win the 2007 Nobel Peace Prize for contributions to the subprime mortgage market. Al Gore narrowly edged out Angelo R. Mozilo, the chief executive of Countrywide Financial, in polling for the celebrated Norwegian prize. Maybe someone on the committee didn’t get the word at Davos this year, sell.
The US Securities and Exchange Commission is investigating stock sales made by Angelo R. Mozilo, the chief executive of Countrywide Financial, shortly before the lender fell victim to America’s mortgage crisis and its share price plunged.
The inquiry into whether Mr Mozilo acted on inside information is centred on changes that he made to a stock-selling programme that allowed him to speed up his sales of Countrywide shares and reduce his exposure to their price declines.
The investigation, which Countrywide and the SEC refused to comment on, is the latest development in the crisis which began with a surge in high-risk “sub-prime” mortgage lending, leading to a jump in defaults, which is dragging down US house prices and which prompted a wide-scale credit crunch.
Thousands of jobs have been cut at mortgage companies and the Wall Street firms that deal in related securities. Billions of dollars of investments have been lost, and previously agreed buyouts are being cancelled and renegotiated as the debt markets dry up.
Asked for his comment, Angelo R. Mozilo, said, you buy some, you sell some. This just wasn’t my year. As my great countryman said, “From Nobel Prize nominee to SEC investigation is but a step.”
Al Gore won the Nobel Peace Prize today for warning the world about the dangers of global warming, and leading the campaign to persuade governments and individuals to reduce their reliance on fossil fuels.
The former US vice-president will share the £750,000 prize with the International Panel on Climate Change (IPCC), the United Nations panel which has worked for two decades to establish consensus on the science of man-made warming.
London times predicted Gore:
“for their efforts to build up and disseminate greater knowledge about man-made climate change, and to lay the foundations for the measures that are needed to counteract such change”
Next year’s prize: Bush McCain Kennedy
“for their efforts to build down and un-seminate greater knowledge about man-made climate change from immigration to the first world, and to lay the foundations for the measures that are needed to continue such change”
The following has links to data and arguments pro and con on global climate change. Some of these are technical and use jargon. At this point, you can download the Fortran code for one of the climate programs. There is no single source documentation of all the sub-models and math formulas that go into any global climate model, nor any single source comparison of two or more models. Scientific criticism of the IPCC Panel is linked to below and discussed briefly.
==Comment posted at UK Daily Telegraph
Angelo R. Mozilo of Countrywide Financial for his contributions to expanding mortgage availability was a close second. We need mortgages for lower credit borrowers so that immigrants can contribute to the global warming of relations that immigration from the 3rd to first world makes possible.
Gore even voted against the Bush Senior 1990 Mass Immigration Expansion: