Born poor, now self-made billionaires-Angelo R Mozilo

ngelo R Mozilo was the co-founder and chief executive officer of Countrywide Financial until July 1, 2008. The 70-year old Mozilo started the company in 1969.

The company soon grew to become one of the biggest mortgage lenders in the US. Countrywide was listed on the New York Stock Exchange in 1984. They granted huge loans to borrowers without verifying their repayment abilities.

Promoting risky loans, the company played a crucial role in huge subprime mortgage crisis. Finally, this led to the collapse of the company. The company was subsequently taken over by the Bank of America. CNN named Mozilo as one of the 'Ten Most Wanted: Culprits' of the 2008 financial collapse in the United States.

The Securities and Exchange Commission in June filed civil-fraud charges for 'deliberately misleading investors about the significant credit risks being taken in efforts to build and maintain the company's market share.'

Mozilo's compensation during the housing bubble from 2001-06 is under scrutiny. During that period, his total compensation (including salary, bonuses, options and restricted stock) was $470 million.

A butcher's son, Angelo Mozilo worked hard right from his childhood to make ends meet.

Wind, rain, sea pound eastern India as Cyclone Phailin nears

BHUBANESWAR: Strong winds and heavy rains pounded India's eastern coastline on Saturday, as hundreds of thousands of people took shelter from a massive, powerful cyclone expected to reach land in a few hours. The skies were dark - almost black - at midmorning in Bhubaneswar, the capital of Odisha and about 60 miles (about 100 kilometres) from the coast. Roaring winds made palm trees sway wildly, and to the south, seawater was pushing inland. By Friday evening, some six lakh people had been moved to higher ground or shelters in Odisha, which is expected to bear the brunt of the cyclone, said Surya Narayan Patro, the state's top disaster management official. About 12 hours before Cyclone Phailin's landfall, meteorologists held out hope that the storm might hit while in a temporary weakened state, but no matter what it will be large and deadly. Ryan Maue, a meteorologist at Weather Bell, a private US weather firm, said even in the best-case scenario there will be a st...

Rendezvous with France

ZIYA US SALAM This winter, warm up to a volley of French films. We want to project a different impression of French cinema to Indians. On show (Clockwise from left) Stills from “The First Day of the Rest of your Life”, “Paris” and “The Regrets”. Not long ago, Select CityWalk multiplex in South Delhi wore a distinctly busy look, quite unusual for the opening of an animation film. In a country that regards animation to be a substitute for a children’s film, it was a different experience to watch a black and white film with little to cheer, lots to ponder. The film was Marjane Satrapi and Vincent Paronnaud’s “Persepolis”, alternately evocative and provocative. A rare French film to find a commercial release in India, “Persepolis” found favour with discerning cinemagoers in the country. On another scale came “Asterix”. Riding on hype and hope in equal measure, this animation film too made a little dent at the box office. “We have new, emerging talent in animation. We are the third largest...

Resources related to Cyclone Phailin

http://www.google.org/crisisresponse/2013-phailin.html Emergency Operation Centres Orissa Balasore: +91-6782-262674 Bhadrak: +91-6784-251881 Cuttack: +91-671-2507842 Dhenkanal: +91-6762-221376 Gajapati: +91-6815-222943 Ganjam: +91-6811-263978 Jagatsinghpur: +91-6724-220368 Jajpur: +91-6728-222648 Kendrapara: +91-6727-232803 Keonjhar: +91-6766-255437 Khurda: +91-6755-220002 Mayurbhanj: +91-6792-252759 Nayagarh: +91-6753-252978 Puri: +91-6752-223237 Andra Pradesh Hyderabad: +91-4023-456005 / +91-4023-451043 ____________________________________________________________________ Railway Helplines Vizag-0891-2505793, 08935-249672 Vizianagaram-08922-225510 Srikakulam-08942- 28722 Naupada-08945-249728 Rayagada-06856-6222407 Koraput-06852-251802 Source: aamjanata.com

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