A report earlier this week suggested that the SEC was paying special attention to Countrywide and its founder and CEO, Angelo Mozilo.
Apparently the investigation is part of a larger look the SEC is taking at a dozen or so companies in connection with the subprime crisis, but it is having a much closer look at Countrywide and Mozilo.
Certainly part of that investigation has to include the issue of Mozilo dumping $130 million of his own company's stock in the first six months of this year.
Apparently North Carolina's state treasurer Richard Moore last week asked the SEC to investigate Mozilo's stock sales, claiming that there were changes made to the pre-set trading plans in the months before the company's stock fell.
So the question being looked at is whether or not Mozilo used his position and of course his inside knowledge of the company, to dump his stock before it tanked.
Watch this space - it could get VERY interesting!
Or for a more immediate update, tune into my radio show tomorrow (Sunday) at noon on 540 WFLA in Central Florida and if you are not in central Florida, then you can tune in on line at www.540wfla.com
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