New Century ousts Morrice

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Matt at the OC Register reports that New Century Financial ousted its CEO Brad Morrice on Friday.  Morrice, who leaves with a decent $5 million chunk of cash pending approval via the bankruptcy process. From the post:

A regulatory filing today by New Century said Morrice was terminated
â??without causeâ?? and that he also resigned from the companyâ??s board. It
also said it closed the sale of loans, one of its last major assets, to
Ellington Capital Management Group for $58 million.

Where will we see Mr. Morrice next?  My bet – the witness stand.

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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