Mozilo vs. America

The unfolding drama on Main Street and Wall Street has one leading villain. As we wrote in August:

I talked to someone this weekend that mentioned that Countrywide has opened nearly three dozen branches around the NYC area in the past few months. They have a few more to open, which is amazing given how much capacity is coming out of the system.....Angelo is starting to give me the shakes. Too Big Too Fail

Main Street and Washington are now taking their pound of flesh from Angelo, and God only knows what is going through Bill Miller's mind. This stock and many related plays have taken down the most revered mutual fund manager in the Country. Morningstar will eventually get the memo, and downgrade Legg Mason's Value Trust fund.

We can't add any color to this; Angelo exudes enough. He defends his record, and justifies his compensation. Many people were willing to take a check from him, and now the payment is due.




August 13th
Too Big to Fail?
1440 Wall Street

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