William Patterson

CBS Ignores Motives of Countrywide CEO Bashers

By Jeff Poor | October 31, 2007 - 18:21

Profit takers beware – if you get too wise with your investing, the class warfare soldiers are coming after you.

Over the last year, Angelo Mozilo, CEO of Countrywide (NYSE:CFC), decided to periodically sell some of the stock he owns in the company he co-founded 40 years ago and what is now the nation's largest mortgage lender – part of a prearranged measure known as a 10b5-1 trading plan. This was all done to prepare him for his December 2009 retirement date.

Despite his upcoming retirement, that drew the ire of some liberal pro-union groups and CBS’s Anthony Mason, whereas anyone defending his decision to sell his stock was not found in Mason’s report.