Lavish Payout, Perks for Failed Mortgage CEO(Countrywide)

[RamboLiberal]

Source: ABC News

Angelo Mozilo, the co-founder and public face of troubled mortgage giant Countrywide, is eligible for tens if not hundreds of millions in compensation and perks on the sale of the company to Bank of America.

During calendar 2006, the latest period available for review in Securities and Exchange Commission filings, Mozilo took home $48.1 million in compensation. An early analysis of SEC filings by the Los Angeles Times suggests he could get upward of $115 million when he leaves after the sale is complete, despite the fact that the company tanked during the recent subprime mortgage crisis.

In December, Countrywide reported a record number of foreclosures and delinquencies in its loan portfolio. The value of shares has fallen more than 84 percent since mid-May of last year.

Bank of America today confirmed that Mozilo will stay on with the company through a "transition period." Countrywide wouldn't comment on Mozilo's pay.



Read more: http://abcnews.go.com/Business/MarketTalk/story?id=4121306&page=1

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F*cking obscene!

[slackmaster]

1. I hate that guy

People who work there are not treated very well.

[Deja Q]

2. Didn't Bank of America buy Countrywide out?

[slackmaster]

3. They're working on it

These things take time.

[leQ]

4. and they wonder why we hate them. (eom)

[Acadia Blue]

11. How can we change it? We should demonstrate about this.

[flashl]

5. Sign of the times ... rewarding failed CEOs.

[Chovexani]

6. What's even more obscene

There was a story on the Consumerist blog the other week about how BofA was "running out of money" and therefore was getting rid of handsoap in the employee breakrooms!

But they can pay this motherfucker's country club membership and give him and his wife free healthcare for life?

Fuck the corporations.

[brentspeak]

7. The Ayn Rand crowd loves these CEO idiots

They are "morally deserving" of their "fruits".

:thumbsdown:

[Acadia Blue]

10. Ayn Randers are greed pigs who are also insane

[scarface2004]

8. i hear they are going to pay him hundreds and hundreds of

millions of dollars since he is a ceo after all. and bush is going to give him a special exemption so he will never have to pay taxes again as long as he lives.

[Acadia Blue]

9. S and L, and now this. Republicans steal. Taxpayers bale them

out.
Dirty crooks.