How to make big bucks screwing up and dragging millions of people down with you
March 24, 2008
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When I saw this article tonight I said to myself, "You've got to be freaking kidding me." A former high level Countrywide exec named Stanford Kurland has been selected as the new CEO of a company called Private National Mortgage Acceptance Co. (aka PennyMac). What will this new company do you ask? Well, I'll tell you, but you won't believe it. Apparently PennyMac was established to acquire and restructure distressed mortgages. Yes, you heard that right. A former long-time, high-level employee of a company that significantly contributed to the entire mortgage mess that is threatening to bring down the entire economy is profiting from purchasing messed-up mortgages.
As an added bonus, he's bring a bunch of his friends along for the ride, like Countrywide's former Chief Investment Officer, Chief Technology Officer, and its former senior vice president of strategic planning. STRATEGIC PLANNING?!?! HA. Unfortunately, Angelo Mozillo was too busy tanning to partake in this new venture.
This sounds like a pretty good gig to me. Create a huge mess and then get someone to pay you to clean it up. That's like Joseph Hazelwood creating a company that cleans up oil spills after crashing the Exxon Valdez. Perhaps I'll start a company that profits from clubbing baby seals and then jump ship right before the stuff hits the fan and sign on as the new head of the "Save the Seal Fund." You couldn't make this stuff up if you tried.
http://biz.yahoo.com/ap/080324/pennymac_mortgages.html
Deej
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