Richard Bowen

  • Home
  • About
  • Speaking
  • Videos
  • Media/Press
  • Testimonials
  • Blog
  • Contact
  • +1-214-604-5492

June 16, 2016 By Richard Bowen

Michael Winston, “Wall Street’s Greatest Enemy,” tells all

Michael Winston, “Wall Street’s Greatest Enemy,” tells all
Michael Winston is interviewed by Gretchen Morgenson on the New York Times’ Whistleblower’s series.

Whistleblowers come in all shapes and sizes and my friend and fellow Bank Whistleblowers United colleague is certainly not one that fits most descriptions of a whistleblower. I’d mentioned Michael before in two fairly recent posts  (see here and here).

Former Countrywide Financial executive Michael G. Winston, PhD, was at the pinnacle of establishment success. He’d held C-suite positions at Motorola, Lockheed, and Merrill Lynch before being enticed by Countrywide’s potential.

The company was one of the fastest growing in the country, with a 15,000% growth rate and one of the fastest growing stocks on Wall Street. It’s founder, Angelo Mozilo had been named CEO of the year just the year prior. They wanted Michael to help them build the “Goldman Sachs on the Pacific.”

Michael was interviewed this last week by Gretchen Morgenson of the New York Times on their new whistleblower series on the Times’ Facebook channel, which I’d had the opportunity to help initiate just the month before. In his interview, Michael talked about the signs he saw at Countrywide that led him to the choice he made.

In the first week in his new position as Managing Director and Enterprise Chief Leadership Officer, he noticed a car in the company lot with a license plate that said “FUND ‘EM.”  (CE = Countrywide Employee)

MW: What does that mean?

CE: That’s our policy: fund em.

MW: What if they have no assets?

CE: Fund em. We’ll fund any kind of loan.

MW: No income?

CE: Fund em.

MW: What criteria do you use?

CE: If they can fog a mirror, we’ll give them a loan.

Alarmed, he took his concerns to the head of operations, the President of the company. They subsequently met 17 times.

Michael, thinking they wanted to learn the Motorola Way, orchestrated a number of changes. And then he was asked to misrepresent information about the company to Moody’s. Asked to play ball with Countrywide on their spin, he refused.

“I’m not going to lie,” he said. Later he was told, “you are (just) grill work and that’s why you were hired.”

That’s when the retaliation started. And Michael blew the whistle.

He later filed suit and, after a 31-day trial, a jury awarded him $3.8 million dollars in wrongful dismissal in what the trial judge termed an “overwhelming verdict.” Two years later, in an almost unprecedented action, the verdict was overturned on a technicality, with the appeals court throwing out most of the extensive evidence.

And, in an even more bizarre proceeding, a California Superior Court judge then ruled that Michael did not prove a “disparity in resources between himself and Bank of America (BofA purchased Countrywide),” and he was held responsible for $100,000 in BofA’s court costs!

So, there was no disparity of resources between a multi-trillion dollar corporation and an unemployed whistleblower?! HUH!!

Michael believes that this was done to send a very strong warning to any employees thinking about becoming  future whistleblowers.

A great 35 year career, gone.

He says,” the psychological costs were incalculable.” His financial situation? Well it was financial terrorism. The man who was once called “Wall Street’s Greatest Enemy” by Salon, and by the New York Times as “The Man Who Conquered Countrywide” was now fighting for his life.

In a January 2013 Frontline episode called “The Untouchables,” Michael described Countrywide’s funding plan. The documentary inspired Senate hearings and started the crafting of new legislation to combat the too-big-to-jail in the financial world. 

However, all of this has come at a substantial cost. To date, Winston has spent over a million dollars fighting Wall Street and Bank of America. Looks as if what started out as a good gamble has backfired. Not only did Michael have to pay BofA’s court costs of $100,000, they put a lien on his home, ironically originally funded through a Countrywide mortgage!

Michael Winston experienced mental and financial terrorism. Yet he believes you have no choice but to blow the whistle. You have to call the systemic abuses before we get into an even deeper recession. You have no choice but to shed light on who the big are, what they are doing and who are the bad guys.

Right is right. He says, “I’m filled with worry not only for my case but for our country.” As well he should be.

In one of my posts referenced above I talked about another appeals court throwing out another jury verdict against Bank of America/Countrywide for $1.27 billion…stating my opinion that this “opens up the floodgates to additional future fraud by the banks!” And this came on the heels of Michael’s appellate decisions!

The TBTF banks have the assets and the influence, regardless of what they may claim. Folks like Michael, myself and our other Bank Whistleblowers United colleagues are one small voice.

We need yours, too.

Related Posts

My New York Times Interview on Facebook Live… the new technology
Did the Federal Appeals Court Just Open Up the Floodgates to Fraud??
It’s Time to Wake Up, America!

Chicken Little was right - "the sky IS falling"!
"Take On Wall Street" - a Bold Agenda to Control the Large Banks!

Tagged With: Michael G. Winston, whistleblowers

Ethics on your mind? Subscribe to my ezine to get my latest article delivered right to your inbox. Click Here to Subscribe

Richard Bowen is widely known as the Citigroup whistleblower. As Business Chief Underwriter for Citigroup during the housing bubble financial crisis meltdown, he repeatedly warned Citi executive management and the board about fraudulent behavior within the organization. The company certified poor mortgages as quality mortgages and sold them to Fannie Mae, Freddie Mac and other investors.

Related Posts

  • Business Matters with Karl FitzpatrickBusiness Matters with Karl Fitzpatrick
  • Transparency, Integrity and the Institute of Banking Irish StyleTransparency, Integrity and the Institute of Banking Irish Style
  • Transparency, Integrity and IrelandTransparency, Integrity and Ireland
  • Whistleblowers Who Save the World, A Korean PerspectiveWhistleblowers Who Save the World, A Korean Perspective

What People Are Saying About Richard M. Bowen

William D. Cohan"Richard Bowen is one of my heroes. His is a story of human fortitude at its best and Wall Street at its worst."

~ William D. Cohan, NY Times Best Selling Author
2017-06-30T10:08:59-05:00
"Richard Bowen is one of my heroes. His is a story of human fortitude at its best and Wall Street at its worst." ~ William D. Cohan, NY Times Best Selling Author
https://richardmbowen.com/testimonials/2556/

Eileen McDonnell"Richard Bowen reinforced my motto that "there is no right way to do a wrong thing.” Long after his presentation, the conversation has continued about personal responsibility and the courage to challenge things that appear to be wrong. We encourage this dialog and rely on it to help make our business stronger."

~ Eileen McDonnell, Chairman, CEO, & President, Penn Mutual
2015-02-13T19:51:19-06:00
"Richard Bowen reinforced my motto that "there is no right way to do a wrong thing.” Long after his presentation, the conversation has continued about personal responsibility and the courage to challenge things that appear to be wrong. We encourage this dialog and rely on it to help make our business stronger." ~ Eileen McDonnell, Chairman, CEO, & President, Penn Mutual
https://richardmbowen.com/testimonials/711/

Ben Stein"Richard Bowen, you are a star and a hero."

~ Ben Stein, Economist and Political Commentator
2015-02-13T19:50:26-06:00
"Richard Bowen, you are a star and a hero." ~ Ben Stein, Economist and Political Commentator
https://richardmbowen.com/testimonials/712/

Jim Farrell"Richard's speech at the April Financial Executives International dinner was informative, interesting, riveting, and fast moving.  The feedback from members was overwhelming positive, and Richard received one of the few standing ovations given by our membership."

~ Jim Farrell, Program Chairman, Dallas Chapter, Financial Executives International
2014-12-28T19:48:17-06:00
"Richard's speech at the April Financial Executives International dinner was informative, interesting, riveting, and fast moving.  The feedback from members was overwhelming positive, and Richard received one of the few standing ovations given by our membership." ~ Jim Farrell, Program Chairman, Dallas Chapter, Financial Executives International
https://richardmbowen.com/testimonials/532/

Dennis McCuistion"Richard Bowen has been there, done that, and has the scars to prove it, and his message of corruption at the highest levels of industry and government needs to be heard. I only wish that more bankers had the courage that Bowen exhibits. He is not only one of the most talented bankers I have ever met, he has more integrity than all the bankers on Wall Street put together. If his former employer had listened to him taxpayers would not have had to bail out Citi for the third time in the last 30 years."

~ Dennis McCuistion, Host of the McCuistion TV program
2014-12-28T19:48:06-06:00
"Richard Bowen has been there, done that, and has the scars to prove it, and his message of corruption at the highest levels of industry and government needs to be heard. I only wish that more bankers had the courage that Bowen exhibits. He is not only one of the most talented bankers I have ever met, he has more integrity than all the bankers on Wall Street put together. If his former employer had listened to him taxpayers would not have had to bail out Citi for the third time in the last 30 years." ~ Dennis McCuistion, Host of the McCuistion TV program
https://richardmbowen.com/testimonials/533/

Betty Garrett"Richard Bowen is a dynamic, entertaining speaker and story-teller - a CPA with a great personality!"

~ Betty Garrett, Garrett Speakers International
2014-12-28T19:47:50-06:00
"Richard Bowen is a dynamic, entertaining speaker and story-teller - a CPA with a great personality!" ~ Betty Garrett, Garrett Speakers International
https://richardmbowen.com/testimonials/531/

fred-timmons"I believe Richard Bowen is the only keynote speaker to ever receive a standing ovation from the Texas Society of CPA’s at any of its annual conferences."

~ Fred Timmons, Chairman of The Texas Society of CPA's
2014-12-28T19:47:22-06:00
"I believe Richard Bowen is the only keynote speaker to ever receive a standing ovation from the Texas Society of CPA’s at any of its annual conferences." ~ Fred Timmons, Chairman of The Texas Society of CPA's
https://richardmbowen.com/testimonials/530/

Presentation Topics

Playing for High Stakes: The Principles and Practice of Ethical Leadership

Dark Citi: The Story of a Whistleblower

Want to Hire Richard?

Watch Richard

See What Clients are Saying

About Richard

Recent Posts

  • Reflections of a Whistleblower – The Boom and Bust Cycles
  • What should you do before you report wrongdoing?
  • Peace and happiness this holiday season
  • Wishing you a warm and happy Thanksgiving
  • Speaking at the University of North Texas

Categories

  • Business Ethics
  • Congress
  • Corporate Debt
  • Corruption
  • Ethical Leadership
  • Financial Crime
  • Financial Crisis
  • Financial Crisis of 2008
  • Fraud
  • Holiday
  • International
  • Mortgage Lending
  • Mortgage Meltdown
  • Relationships
  • Resources
  • Speaking
  • Texas Politics
  • The Fed
  • Too Big To Fail
  • Uncategorized
  • Updates
  • Wall Street
  • Whistle Blowers

About Richard

Now an ethical leadership speaker, Richard Bowen was Citigroup's Business Chief Underwriter during the housing bubble.

Read more

Connect with Richard

  Facebook   Twitter   Linked   YouTube

Contact Us

Phone: +1-214-604-5492

Email: Richard@RichardMBowen.com

Contact Richard

Copyright 2021© 2023 · Richard M. Bowen | ALL RIGHTS RESERVED.

X
Sign up to receive my blog posts via email!
Subscribe >>