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What Would Drucker Do Now? by Rick Wartzman

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4On Wall Street and Finance

The Countrywide Conundrum

It’s more than a little difficult to imagine Angelo Mozilo, the embattled chief executive of mortgage lending giant Countrywide Financial, being a Drucker disciple. But just last year he didn’t hesitate to paint himself that way and, in at least one sense, he was right.

“As the late Peter Drucker once said, the entrepreneur always searches for change, responds to it, and exploits it as an opportunity,” Mozilo told an audience of bond holders, bankers, and others. “This is the essence of Countrywide’s culture.”

Countrywide, lashed like many other companies by the subprime storm, isn’t crowing as much anymore. A few weeks ago, it reported a loss of $1.2 billion for the third quarter. Included ...

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