EMC’s Business Finance blog

A subdued Angelo Mozilo got choked up at the last shareholder meeting for Countrywide Financial (CFC). Nearly 70% of Countrywide shareholders approved the firm’s sale to Bank of America (BusinessWeek.com, 1/11/08) at the June 25 meeting. The deal—now valued at $2.8 billion—is expected to close July 1.

Mozilo, a butcher’s son who co-founded Countrywide nearly 40 years ago, called the event “clearly an end of an era” and promised Bank of America (BAC) shareholders they would “reap the benefits of what we have sowed.” At one point Mozilo got emotional, reached for a water bottle and said “Excuse me, this is one of the drawbacks to being Italian.” Then after taking a drink, he added, “the only one.” At the end of his speech Mozilo received a short and somewhat hesitant standing ovation from the few hundred people in the auditorium, most of whom appeared to be Countrywide employees.