Day: August 26, 2007

Editorial: Departed Asset Deployer [Karl Rove]

From the August 23, 2007, New York Times:

In his victory lap of self-serving interviews, Karl Rove, the departed White House political guru, waxed humble. “I’m a myth,” he insisted. Wishful thinking.

The record of Mr. Rove’s damaging dedication to political polarization through government service remains for historians to fully track, from the purging of federal attorneys to the smearing of Iraq war critics.

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Nice Rally, But…

Qqqq2007824

The Cubes (NASDAQ: QQQQ): 4:20 PM NYC time, August 24th: Just a quick market update to note the glaringly weak volume on last weeks snapback rally. Compare the most recent six weekly volume bars you see above. After reversing from 52-week highs on increased and above average volume six weeks ago, the market proceeded to sell off in massive volume for four straight weeks, then last week was finally able to muster the troops for a headline grabbing rally. But…

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Article: Inside the Countrywide Lending Spree

Counrywide

From the August 26, 2007, New York Times:
Inside the Countrywide Lending Spree
By GRETCHEN MORGENSON

ON its way to becoming the nation’s largest mortgage lender, the Countrywide Financial Corporation encouraged its sales force to court customers over the telephone with a seductive pitch that seldom varied. “I want to be sure you are getting the best loan possible,” the sales representatives would say.

But providing “the best loan possible” to customers wasn’t always the bank’s main goal, say some former employees. Instead, potential borrowers were often led to high-cost and sometimes unfavorable loans that resulted in richer commissions for Countrywide’s smooth-talking sales force, outsize fees to company affiliates providing services on the loans, and a roaring stock price that made Countrywide executives among the highest paid in America.

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