Cit Media

CNBC’s Maria Bartiromo interviewed Angelo Mozilo, CEO of Countrywide, the huge mortgage and financial company whose stock has been taking a beating as the housing bubble has started to deflate. He’s been selling enormous amounts of stock in the last year, making about $129 million, or about a third of the $406 million he’s collected by selling stock he got as a gift from the company over the years. (Not to mention his $20 million in other pay last year…)

Bartiromo asked him about his stock sales, and here’s part of his answer:

The reason I’m selling is that it is the majority of my net worth, and I have a big family, nine grandchildren, five children, I have a lot of education to pay for, but–so I have a lot of obligations, but I am sort of at the end of my career, not at the beginning of my career.

Those grandkids must be planning to go to incredibly expensive schools.

This entry was posted on September 6th, 2007 at 7:37 am and is filed under Media Criticism. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.