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. More on the story.
3 comments:
Just unconcionalble, plain and simple.
How can I get a job that pays so much for gross incompetence?? ('alleged' gross incompetence and failure)
Nice to see who gets all that stolen money. Now I also notice that the candidates don't have any plans right now. Senator Obama is giving hope and change. Edwards priority is getting heath care like his parents didn't have. Forget the Republicans their busy fighting over who loves Bush more.
Now Hillary has given an economic plan that would repair economy, health care, sub prime, Military, environment and Global warming. Her plan was introduced on Nightly Business Week Friday. But that's not important right now to the American people. As Americans watch the dollar drop along with the stock market and of course those pink slips, lost homes, increase in rent, food prices go up and gas is over the top. We always have Hope and Change to look forward to in 2009 if we last that long.
Post a Comment