Parallel from story on Mozilo
As I read the story “His star tarnished, Mozilo exits stage” (July 1), I was reminded of a comment a colleague made to me about his previous employer, a bank that crashed and burned in the 1980s after buying imprudent and poorly documented loans.
The remnants of the bank were ultimately acquired by BankAmerica, a predecessor company to the current Bank of America, which bought Angelo Mozilo’s Countrywide Financial.
My colleague’s observation about the bank now also applies to Countrywide: “They executed the wrong strategy -- beautifully.”
Paul Dodwell
Sierra Madre
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