Professor Hillman Comments on Countrywide Suit for Blooomberg.com
Professor Robert Hillman commented on the accusations of insider trading against Countrywide Financial Corporation Chief Executive Officer Angelo Mozilo for a recent article on Bloomberg.com. Mozilo, the highest-ranking executive named in a Securities and Exchange Commission investigation of the subprime loan crisis, has been accused of concealing information on Countrywide's deteriorating lending standards from investors while taking action to shield his own assets from the increasing risks. He has denied any wrongdoing, but the SEC may make its case against him if it can show he had significant information that the market lacked when he arranged the sales of his stock, said Professor Hillman.
Professor Hillman holds the Fair Business Practices and Investor Advocacy Chair at UC Davis, and is a scholar in the fields of international transactions, securities regulation, and corporate and partnership law.