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.