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FORMER COUNTRYWIDE CEO Angelo Mozilo Gets Bank of America Legal Fee Bailout
BANK OF AMERICA (BofA) said today, June 09, 2009 EDT, they would be the contractual employer of former Countrywide CEO, Angelo Mozilo (70, Fordham University, CBA '60) and cover all legal fees in his civil suit with The U.S Securities and Exchange Commission (SEC) filed last week for illegal exercising of stock options before the company collapsed, worth more than $139 Million USD. Countrywide went into an M&A with BofA on July 01, 2008, only to add to the bank's collapsing balance sheet, requiring government funds from the Troubled Asset Relief Program (TARP), so far a recipient of $45 BILLION. BofA has received the Number One spot on the U.S. Government's so called "Stress Test" where it required the recommendation to receive an additional $33.4 Billion in additional capital, it has been reported that BofA raised 97% of it.
Former Countrywide CEO, Angelo Mozilo, doing his best "Live Long and Prosper" Mr. Spock impersonation (one finger off), is receiving full legal fee compensation, contractually, from Bank of America (BofA), upwards of $20 Million USD. BofA currently holds $45 BILLION USD in US Government TARP funds.
According to a Bank of America spokesman, Robert Stickler who spoke with Reuters, "Under the agreement that he had when Countrywide was an independent company, Countrywide continued to be responsible for his legal expenses for actions taken while he was an employee." The cost of the legal fees? $20 MILLION USD. Lawyers representing Mozilo and other defendants charged with the alleged scheme said they will fight the charges. The SEC are also under severe scrutiny for keeping a blind eye during the $65 BILLION USD Ponzi scheme orchestrated by investor Bernard Madoff, when confronted by the actual mathematics from Boston, Massachusetts financial analyst, Harry Markopolos. The blind eye lasted for eight (8) years.
Additionally, under oath, Bank of America CEO, Ken Lewis, has stated he was pressured by Hank Paulson and Federal Reserve Chairman Ben S. Bernanke to complete the Merrill Lynch deal. However, Ben Bernanke, under oath before Congress has denied the allegation. Recently Ken Lewis has lost his chairman seat at BofA, but still holds the CEO title. All 18 members of the BofA board remain, after a heated shareholder vote to oust them failed in April of 2009. The Bernanke/Lewis oath contradiction was reported first here: KKXG BLOG (May 15, 2009): TEMASEK HOLDINGS Sells 100% of BANK OF AMERICA Shares - LOSS $2 BILLION USD.
Please access the following links that were used as ***reference*** (aka: research) for this article from highest to lowest:
1) REUTERS: Bank of America Paying Mozilo's Legal Fees.
2) BLOOMBERG: Bank of America Paying Legal Fees for Countrywide’s Mozilo.
From Mozilo to Godzillo, I mean Godzilla:
TOHO (東宝) Co. Ltd. Stock Update and Nikkei (日経平均株価) News
Continuing where Bloomberg Television Japan left off: KEEPING A CLOSE EYE on this stock: Toho Co. Ltd. (9602:JP) on the Tokyo Stock Exchange, also known as The Nikkei (日経平均株価) for June 10, 2009 ended the day at 1,460.00, down -38.00 (-2.670%). The stock opened at 1,480.00 yen. The stock's high, so far, was 1,480.00 yen. The stock's low, 1,453.00 yen. The volume was 977,800 total shares traded, ~40% less than yesterday's 1.6 million share volume. The record low, above and beyond its five (5) year chart, was 1,251.00 yen on May 18, 2009. It's 52 week return is -33.412%.
Toho are the creators, producers and distributors of the Japanese version of Godzilla and other characters, and holders of large amounts of Japanese commercial real estate, including movie theaters in large metropolitan areas.
Toho Co. Ltd at 1,251.00円, 9602:JP on the Nikkei (日経平均株価), one year chart (left) and the day chart for June 10, 2009 (right).
The Nikkei (日経平均株価) ended the day for June 10, 2009 at 9,991.49 yen, up ▲ 204.67 (2.091%). Nikkei Futures for June 11, 2009 out of Singapore (SGX) are at +60.00.
Monitoring the Bloomberg terminals in both Japanese and English, continuing where Bloomberg Television Japan left off:
-- From the NSJ Journal (and translated by SHADO CONTROL for this blog): Merrill Lynch Securities issued a statement saying "any rumors of M&A (merger and acquisitions) of the Tokyo Broadcast System, Fuji Television and other Japanese television businesses is unmotivated and passive. However, the middle ratings period is expected to generate an increase in viewers". With that, the financial organization jumped Japan Television Broadcast Network's stock (9404:JP) from neutral to a buy with the expectations it will rise to 12,500 yen. The stock at 11:00 JST rose 390 yen (3.683%) to 10,980.00 yen. 2009年6月10日(水)10時34分メリルリンチ証券が、「M＆AについてはフジやTBSと比較して消極的との印象があり、中期的な視聴率モメンタムの向上が期待される局面に入った」と解説し、投資判断を「中立」→「買い」へと引き上げ、目標株価は12,500円としたことが手掛かり材料となっている。 日本テレビ放送網(9404)の株価は11時00分現在、390円高の10,980円。 Japan Television Broadcast Network is known as Nihon Terebi Broadcast Network (日本テレビ放送網). SHADO CONTROL monitors the ratings for Shaku Yumiko's (釈由美子) television shows in real time and holds no bias in this report.
-- From The Bloomberg Japanese language terminals (and translated by SHADO CONTROL for this blog): Japan's Cabinet Office released Machine Orders statistics for April 2009 on June 10, 2009 08:50 JST. According to The Cabinet Office, Machine Orders revision for April 2009 was at -5.4%, the second consecutive month of reporting a loss. Year on Year with April 2008, it is -32.8%. ４月機械受注は5.4％減と２カ月連続マイナス、前年比は32.8％減。 → ６月10日（ブルームバーグ）：内閣府が10日発表した機械受注統計によると、４月のコア機械受注（季節調整値）は前月比5.4％減と２カ月連続の減少だった。 前年同月比では32.8％の減少。 The Bank of Japan also released the Corporate Goods Price Index (CGPI) for May 2009 at 08:50 JST, a drop of -5.4% (same percentage as Machine Orders) 日本: 8:50 JST 企業物価指数（５月、日本銀行発表）。 ５月の国内企業物価は前年比5.4％低下－22年２カ月ぶり下げ幅。
-- From The Bloomberg Japanese language terminals (translated by SHADO CONTROL for this blog): TYO Group (4358:JP) the gaming software company released 3rd quarter results of their fiscal year showing a deficit of 2.72 Billion Yen (~$27.4 Million USD), corresponding to the previous year in the black 3.47 Billion Yen (~$3.49 Million USD). The company is blaming a dullness in gaming software and animation genre's incorporated into their product, among other things. The company accredited a corporate loan for the gaming software from an affiliate company as part of the loss. → 株式会社ティー・ワイ・オー（4358）： 09年７月期の第３四半期（08年８月－09年４月）の連結最終損益は20億7200万円の赤字（前年同期は３億 4700万円の黒字）だった。 ゲームソフト部門やアニメ部門が不振だったほか、ゲームソフト部門からの撤退に伴ってゲームソフト制作会社への貸付債権の一部を関係会社整理損失引当金として計上したことも響いた。
-- Today's financial schedule for 【６月10日、水】 [June 10, Wednesday], Japanese translated to English by SHADO CONTROL:
日本 JAPAN
-- 日本: 10:30 JST ビール・発泡酒出荷数量（５月、ビール酒造組合など発表）
-- Japan 10:30 JST Beer & Wine Shipments (in May, announced by The Brewers Association of Japan announced)
米国 UNITED STATES
-- 米: 先週のＭＢＡ住宅ローン申請指数
-- US: Mortgage Bankers Association (MBA): Mortgage Applications (for last week)
-- 米: ４月の貿易収支
-- US: Trade Balance (for April)
-- 米: ５月の財政収支
-- US: Fiscal Balance (for May)
-- 米: 地区連銀経済報告（ベージュブック）
-- US: Summary of Commentary on Current Economic Conditions by Federal Reserve District (Beige Book)
-- 米: リッチモンド連銀総裁、ノースカロライナ州議会で経済見通しについてスピーチ
--US: Richmond Fed President Jeffrey M. Lacker speaks on the economic outlook before the North Carolina Senate Appropriations Committee (10:00 EDT)
-- 米 デュークＦＲＢ理事、地域社会開発についてオハイオ州で講演
-- US: Federal Reserve Board Governor Elizabeth Duke speaks on 'The Systemic Importance of Consumer Protection' before the 2009 Community Development Policy Summit sponsored by the Federal Reserve Bank of Cleveland (12:15 EDT)
-- TOHO CO. LTD. news off the Bloomberg Terminals in Japanese (translated by SHADO CONTROL for this blog): Nomura Securities Economics Research Center placed Toho Co. Ltd.'s stock up one grade from a neutral to buy, focusing on a new level at 1920.00 yen. The stock surged as high as 1539 yen in morning trading, up 9.5%, on the future outlook in the fiscal year ending in 2010, a reshuffling in the company, and future prospects on their real estate. 東宝（9602）：6.5％高の1498円。邦画市場の好調や興行網の再編による収益性改善などで、業績回復を見込んだ買いが先行している。 野村証券金融経済研究所は８日、業績モメンタムの改善に着目して、同社株の投資判断を「２（中立）」から「１（買い）」に１段階引き上げた。新しい目標株価は1920円。 The stock halted trading for approximately 30 minutes at the opening of the Nikkei and ended the day at 15:00 JST below 1,500.00, closing at 1,498.00 (up 6.543%). For more information, the full Japanese language article is here: ポニョ反動こなす収益力に期待、東宝株が急騰－邦画・興行、不動産
KKXG: King Kong vs Godzilla / Gigantis (The Book) Manuscript UPDATE
WOW! That was a great formatting day for the manuscript of "KKXG: King Kong vs Gigantis" (The Book). I got so into the story, I almost missed the 9:00 JST opening for The Nikkei. Here are the current stats for The Manuscript of "KKXG: King Kong vs Gigantis" (The Book), scheduled to be finished on June 12, 2009. That's right.
WORDS: 55,700, PAGES: 189, MANUSCRIPT: Percentage Total: 69%
Leaving the words I wrote eight (8) hours ago.....The story itself was finished on May 25, 2009, Memorial Day, and there is a single spaced version ready for Japan, to be read, translated and published when the right people read it. It's specifically for translation, if they want to go that route. However, for The United States and anywhere else in the world that requires ENGLISH and an actual product that the business requires to work with, as a whole, the MANUSCRIPT must be developed, a double spaced, paragraph indented, page numbered book. That is scheduled to be finished on June 12, 2009. That date is only a coincidence, however, may I say, as I have been saying all along, the BOOK dictates the pace and if the book wants it done on that date, the book makes that decision. The book is the love and the book is home. The manuscript is real, and because it's real, it's tough love and it can become painful.
Tomorrow, another eight (8) hours, but I just have the feeling the book is going to make me put in more. Today, I had another one of those really strong Starbucks Sumatra coffees. Worked like a charm. I emailed Bloomberg's Matt Miller today about Moore's Law. I wonder if he understands that math (which is simple polynomial math).
SHADO-X → KYLIE-X → SHADO-X
MAY THE ****RIGHT**** PEOPLE from both The United States and Japan, come on board and PROTECT THIS STORY! Gee, should I put Australia in there too? It is tough love and I'm doing my best. So on that note, the book is the love and the book is home. I hope they figure it out. Therefore, don't forget to fly PINO AIRLINES 「ピノ航空」!
御休みなさい！
Today is Day 41 since Bloomberg Television Japan has ended on-air broadcast operations. Kikkawa Junko (吉川淳子), please be my agent and manager.
SHADO-X → KYLIE-X → SHADO-X
KYLIE - 『ALL I SEE (acoustic)』
本を封切てもママは自由ではありません。 ママが「私は自由になりたい」と言って来れば、ママに自由をならせます。 その討論はありません。
釈由美子 キングコング
釈由美子 King Kong
釈由美子 Kong
