Countrywide dude, Angelo Mozilo (former CEO), will walk out the door with $10 million as a parting gift from Bank of America. This is the same guy who said in his testimony to Congress that 'no one predicted housing bust.' Really? That's interesting.
Via BloggingStocks.
Countrywide (NYSE: CFC) CEO Angelo Mozilo, perhaps the most reviled executive in corporate America, will get $10 million as part of a Bank of America (NYSE: BAC) takeover of the mortgage broker. Investors and members of Congress are incensed. The "bonus" is described in SEC filing as "performance based." Countrywide shares are down from $42.24 to $5.63 over the past year.
One powerful senator may go after the payment. "It's perverse for Bank of America to reward the principal architects of the bad business practices that caused this housing crisis,'' said Sen. Charles Schumer, D-NY, said in a statement, according to the AP. Perhaps shareholders will get lucky and Schumer will fight the pay-out of the money.
Shame.
