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Location: Pantego, Texas, United States

Monday, January 14, 2008

Last week I watched CNBC where the Bank of America bail-out of Countrywide Financial was discussed. It appears that the CEO of Countrywide, Angelo Mozilo, will walk away from the trainwreck he brilliantly engineered with $120 to 150 million. His great plan was to loan money to anyone who asked without checking their financial condition. This was the sub-prime loan mess that has severly damaged financial institutions, and cost a lot of small investors much of their capital. It seems to me that Mozilo did not live up to his fiducial responsibility to his shareholders. I think that instead of leaving with a small fortune, Mozilo should be put out on a streetcorner with a beggar's cup. I hope Countrywide shareholders file a class-action suit against Mozilo. (Note: I own shares on BOA but not in Countrywide.)

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