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Pension Fund Pins Countrywide's Problems On CEO

Law360 (October 22, 2007, 12:00 AM EDT) -- A pension fund advisory group has jumped into the fray surrounding Countrywide Financial Corp. CEO Angelo Mozilo, sending a letter to the company's board of directors calling for the resignation of the chief executive.

In an Oct. 19 letter addressed to Countrywide lead director Harley W. Snyder, William Patterson, the executive director of CtW Investment Group placed blame for Countrywide's financial crisis squarely on the shoulders of its CEO.

“Amid revelations that Mr. Mozilo sold massive quantities of Countrywide stock sales even as the company’s crisis...
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