25 June 2008

Countrywide Shareholders Approve Takeover as the Police Close In

OK, it may be a bit of an exaggeration. It's true that Coutrywide's shareholders approved the Bank of America takeover.

And as to the question as to whether BoA got a good deal, or whether they come to regret it, I would note that the state attorneys general of Illinois and California have both filed suit for what amounts to fraud and deceptive business practices against the mortgage lender.

Countrywide's founder, Angelo Mozilo, aka "the Tanned One", must be breathing a sigh of relief.


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