The greybeards are not only chastened by the state of the economy, but as the example of Eli Broad illustrates, they are speaking up about it. That’s telling, because there is an unspoken rule in American business to stay upbeat, lest you unnecessarily scare investors and consumers who supposedly aren’t sophisticated enough to handle bad [...]
July 1, 2008
Countrywide, Mozilo Will Be Facing Lawsuits For Years
Angelo Mozilo, who started Countrywide Financial in 1969 with David Loeb, will bid adieu to the torn-and-tattered remains of the company today as it formally completes its sale to Bank of America.
The fallout from the subprime debacle will likely continue to unfold in courtrooms for years to come. With foreclosures still on the rise and [...]
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