Countrywide Financial Conference Call

Here's all you need to know about Countrywide Financial (CFC):

Thank you very much, Mr. Vasselakos. Our final question today, ladies and gentlemen, we go to the line of Tom Atteberry with First Pacific Advisors. Please go ahead, sir.

Thomas Atteberry - First Pacific Advisors

Thank you. Gentlemen, I do appreciate you giving more detail on a conference call than normally arises from you and from most others, but I do want to follow-up with one question that was made earlier, and then I have a different question to ask. I would like to know from each of management what their intention is or how much money they are going to go purchase in the amount of stock in this company, given the glowing reports you think you are going to have going forward?

Angelo R. Mozilo

That’s an individual, personal decision that each of the management will make and I don’t think it’s appropriate for me, as Chairman and CEO, to commit anybody to that. I’ve always considered the employees’ participation in stock or the handling of stock options to be very personal to them, and so it’s a question that we just won’t answer. I don’t think we’re capable of answering, frankly.

Thomas Atteberry - First Pacific Advisors

Well, I’ll ask another question, but I will have one follow-up -- you have asked us as investors to put more money forward and I, merely as an investor, are asking you to put money forward also, because from what you’ve presented, it appears to be the beginnings of a turnaround situation.

Angelo R. Mozilo

I think that you -- are you a money manager? Is that what you are? Or an analyst? What are you?

Thomas Atteberry - First Pacific Advisors

I’m a money manager and I also have personal money.

Angelo R. Mozilo

Okay, and I think that that’s -- that’s a decision that, after reviewing our presentation, whether it be us or any other company that you might invest in, you have to make a determination whether or not you think that Countrywide is a worthy investment for you and will fulfill your investment objectives, both on a personal level and as a money manager.

We just present the story -- your decision to buy or sell is yours.

Yep. Here's a story: Countrywide will eventually go bust.