Turns out Joseph Schmitz, COO & general counsel of the Prince Group, Blackwater's parent company, is married to one Lucila Garnica Gallo, Colomba Bush's sister (Jeb Bush's wife).
More about Joseph Schmitz here.
Turns out Joseph Schmitz, COO & general counsel of the Prince Group, Blackwater's parent company, is married to one Lucila Garnica Gallo, Colomba Bush's sister (Jeb Bush's wife).
Maher: So why don't you just not bring up a finding bill? You're the only ones who can bring up the bill. Why don't you just do that?
Emmanuel: Well, if the question is why don't we just not bring up the funding, first of all, that's not the way to get the kids out of there. Bill, that might sound good and be a good sound bite, but the fact is...I have constituents there. Let me tell you what's part of this. OK? And this is a very tough call for a lot of members of Congress; at least the number of us who oppose this war. $48 billion of the recent request is for the best humvee now to protect kids. We made .. a real argument when this war started that we had kids go over there with no kevlar vests; parents were buying their own kevlar vests for the United States Army. Humvees that were not protected. These are the best humvees. You have constituents over there, their kids are over there, they're serving....
Maher: [starts to interrupt]
Emmanuel: No, wait a second. Do you not get that humvee there that can save a life?
[Audience member shouts out; pandemonium]
Emmanuel: No, wait a second. I'm all for bringing 'em home. You know how you bring 'em home? We need a new president because this president will not [unintelligible].
You can’t especially single out Countrywide for the failure of investors to realize how much risk they were taking on — that’s a failure with many fathers, including everyone from Moody’s and Standard & Poor’s, which were far too free with their AAA ratings, to Alan Greenspan, who assured us that while there might be a bit of “froth,” there was no national housing bubble.
But Countrywide made more questionable loans than anyone else — and its postbubble behavior does stand out. As Ms. Morgenson reported in yesterday’s Times, Countrywide seems peculiarly unwilling to work out deals that might let borrowers hold on to their homes — even when such a deal, by avoiding the costs of foreclosure, would actually work to the benefit of both sides.
Why block mutually beneficial deals? As the article points out, Countrywide can make money from the fees it charges on foreclosures, while the losses from mortgages that could have been saved, but weren’t, are borne by others.
Last but not least, since it may be the key to the whole story, is the victimization of Countrywide’s own stockholders.
Last year Mr. Mozilo’s huge compensation drew a protest from a group of shareholders including the American Federation of State, County and Municipal Employees Pension Plan. But the worst was yet to come.
In late 2006, even as Countrywide began using shareholders’ money to buy back its own stock at more than $40 a share — it’s now worth only $19 — Mr. Mozilo was selling. Between November 2006 and August 2007 — that is, during the months before investors fully realized the extent to which his company would be hurt by the subprime mortgage crisis — he unloaded $138 million worth of Countrywide’s stock.
Again, unless the stock sales lead to insider-trading charges, there’s nothing in this story that involves illegality. Still, how can it be that so soon after Enron, WorldCom and other scandals rocked the business world, we’re once again hearing about executives cashing in just before their companies are revealed as less successful than advertised? The answer, of course, is that we never dealt properly with those scandals.