SEC Opens Probe on Countrywide?s Mozilo

While the probe is still called "informal" it is still a probe.  The SEC is investigating Countrywide CEO Angelo Mozilo and the changes he made to his 10b5-1 plan which dictates share prices when corporate executives divest themselves of stock held in the company.  The 10b5-1 plans are supposed to protect executives from probes of impropriety in share sales by being established long before the actual sale; but Mozilo's continual tinkering with his plans raised plenty of red flags. Earlier in the week North Carolina Treasurer Richard Moore questioned the timing of Mozilo's share sales as the market collapsed late this summer in a letter to the SEC. From Reuters: The Securities and Exchange Commission has opened an informal probe into stock sales by Countrywide Financial Corp Chief