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I was doing some research on New Century and their CEO Brad Morrice. I was hoping to use him as a poster-child to do a little Michael Milken riff and the new face of American corporate greed (in truth, there are plenty of candidates). I searched for his name and came to a press release on the New Century Financial web site that was touting New Century’s financial success in 2006.
"We are pleased to have delivered another year of record loan production and profitable market share growth given the turbulent market environment," said Brad A. Morrice, President and Chief Executive Officer.
Is there a nice way to say "Liar"? With New Century going back and restating almost all of last year’s earnings, defaulting on credit agreements, and facing potential bankruptcy, it’s amazing that this statement was released on January 8, 2007. That seems like a long time ago now, doesn’t it Gordon Brad?
Last 3 posts by Morgan
- Subprime Bananas - June 28th, 2009
- Roubini: No confidence in government exit strategy - June 24th, 2009
- Goldman bonuses largest in firm's 140-year history - June 21st, 2009
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