Carolina on Countrywide's Mind
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Countrywide Financial (CFC Quote) shares tumbled after the head of a state pension fund demanded that regulators investigate CEO Angelo Mozilo's insider selling spree.
Richard Moore, North Carolina's state treasurer and the head of the state's pension fund, asked the Securities and Exchange Commission to investigate the timing of changes Mozilo made to his prearranged stock-selling plan.
Moore writes in a letter sent Monday that the longtime Countrywide exec repeatedly made changes to his 10b5-1 stock-selling plan that allowed him to "increase significantly" his stock sales ahead of bad news that sent shares of Countrywide tumbling. Countrywide shares have lost 60% of their value since February, when investors learned that subprime mortgages were going bad at record rates. ...
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