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Countrywide’s CEO Will Forfeit His $37.5 Million Severance
By JLP | January 28, 2008
I read in the Wall Street Journal today that Angelo Mozillo, the CEO of Countrywide, will forfeit his $37.5 million severance package ($) when he leaves Countrywide after its sale to Bank of America is complete.
Have no fear, Angelo won’t be destitute. He’ll be able to live on his pension and retirement plan that’s valued at $24 million. He also sold over $400 million of his Countrywide shares during 2004 – 2007. In other words, he ain’t hurtin’ for money.
Topics: Housing Market | 5 Comments »
January 28th, 2008 at 4:27 pm
Him, Stan O’neal and all the others. I don’t feel sorry for none of them, they all made money off the subprime fiasco!
January 29th, 2008 at 12:52 am
It’s the least he can do – I think he should take some more of his money and donate it to a fund to restore ethics to business, and he should also donate a chunk of change to establish financial literacy education in schools.
Then he might start to redeem himself, just a little.
January 29th, 2008 at 11:07 am
he should be put in Jail!!!!
He’s lucky that BofA is buying them out…otherwise there would be a full investigation in what CW has been up to.
January 29th, 2008 at 12:30 pm
Well that’s a start. Maybe other companies will start doing likewise.
January 29th, 2008 at 6:44 pm
So…from 2004-2007 he sudden sold $400 million of his stock, and now suddenly the company is rock bottom and selling out to another bank? Isn’t that just a LITTLE suspicious?