Former Countrywide CEO Angelo Mozilo spoke to Bloomberg’s Max Abelson on the phone for 30 minutes, and he doesn’t sound sorry for his role in the financial crisis.
Actually, the 75-year-old former Wall Street exec sounds completely tone-deaf.
It’s been a while since we’ve heard anything from Mozilo.
Countrywide was acquired by Bank of America during the height of the 2008 financial crisis. Since then, Bank of America has paid a ton of fines relating to conduct from the mortgage insurer.
Just last month, Bloomberg News reported that the U.S. government plans to bring a civil case against Mozilo related to subprime mortgages at Countrywide.
Mozilo, who refers to himself in the third person, told Bloomberg that the firm he co-founded didn’t do anything wrong and neither did he.
“No, no, no, we didn’t do anything wrong,” he said, adding that a real estate collapse was the root of the crisis. “Countrywide or Mozilo didn’t cause any of that.”
And if that doesn’t dumbfound you, it gets even worse.
Mozilo, who is said to have a net-worth of hundreds of millions, doesn’t have a job.
“I don’t have a job, so I have to earn some money, and I do it through investments,” he said. Real estate is still the best option, he said. “Tides go in and out. This is just another tide.”
Here we go again.