That's how former CEO Angelo Mozilo described Bank of America's $2-billion infusion a year ago, telling CNBC's Maria Bartiromo, "This is the best deal we can have." Angelo also told the Money Honey that a Merrill Lynch analyst had been "irresponsible" by raising concerns about the possibility of Countrywide falling into bankruptcy, a suggestion that Mozilo described as "baseless." He discounted any possibility that B of A would eventually take over Countrywide (it happened several months later), and also dismissed earlier reports that the two were in serious talks. What Mozilo knew and when he knew it are at the heart of the federal inquiries into his stock trading activities. What everybody knows is that he adjusted his automatic trading program in late 2006, just as the subprime problems were beginning to surface. Anyway, check out the CNBC interview - the guy is practically tap-dancing in his chair. He did look nice, though.
*The Daily Journal reports that Bill McLucas, a partner in the law firm of Wilmer Cutler Pickering Hale & Dorr, will be representing Mozilo in connection with the civil and criminal investigations (specifics unclear). It just so happens that McLucas was director of the SEC's enforcement division for eight years. He's also conducted internal investigations at Enron, Worldcom and UnitedHealth Group. McLucas works out of Wilmer Cutler's Washington office, though the firm opened an L.A. office about a year ago.