SEC looks into Mozilo

It's an informal investigation into stock sales by Countrywide’s CEO, according to the WSJ. The news comes just a week after North Carolina Treasurer - and Countrywide shareholder - Richard Moore shipped off a letter to SEC Chairman Christopher Cox to gripe about how Mozilo was selling massive amounts of stock in the months before the company's shares nose-dived because of the credit crunch (LABO). All told, Mozilo sold at least $130.6 million in stock during the first half of the year through executive sales plans, which his flacks say he is required to do. Of course, that all depends on what you define as "required." These plans, known as "10b5-1" plans, are put in place by the executives themselves and allow them to sell shares at regular intervals. That, in itself, serves as a defense against insider-trading charges. No comment from Countrywide.