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Ex Countrywide Exec Sticks it To America Both Ways

March 05, 2009 – Comments (2)

This is amazing. This clown, Stanford L. Kurland, Countrywide’s former president, runs the company that signs on thousands of people to hundreds of billions of dollars worth of lousy mortgages on overpriced houses. He sells millions in stock and disappears before the spit hits the fan. Nothing's his fault, of course. Mortgages like these, and derivatives based on them, fall apart, sinking not only Countrywide, but Fannie, Freddie, and dozens of others. The taxpayers are soaked for billions to clean it up.

Now this flimflam man runs a new company to buy back the kind of crap he was peddling before, but for pennies on the dollar. Then he sells it for a bit more (or drops the loan rates incredibly, still making a killing) and the FDIC, taxpayers, and other band shareholders pick up the difference. He lines his pockets a second time -- and has the audacity to pretend he's doing good deeds now.

Sj