SEC: Countrywide execs to get millions in stock

[eppur_se_muova]

Source: CNN

NEW YORK (CNN) -- The two top executives at struggling Countrywide Financial Corp., the nation's largest mortgage lender, are slated to receive a combined $19 million in payouts, a regulatory filing shows.

The payments are part of the company's pending takeover by Bank of America.

Countrywide CEO Angelo Mozilo is set to receive $10 million in stock, and President David Sambol will get about $9 million, according to documents Bank of America filed this week with the Securities and Exchange Commission.

Sambol will receive another $28 million in cash and stock to stay with the combined company, the document states.
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more: http://www.cnn.com/2008/US/03/29/countrywide.ceo/index.html

Read more: http://www.cnn.com/2008/US/03/29/countrywide.ceo/index.html

[Snarkoleptic]

1. Ole' leatherface is quite a piece of work.

CW was recently fined $185K in my state for failure to properly shut down branches.

[Amonester]

2. So Angelo Mozilo is like The Godfather

untouchable (well, his option$, that is....)
add more tax-cuts to top it off?? :grr: :mad:

[AdHocSolver]

3. Seems like these guys were paid off for driving Countrywide into the ground so that...

Bank of America could by it cheap.

When something happens that seems illogical, you need to put on a tinfoil hat to make any sense out of it.

[Hannah Bell]

5. lot of that going around. n/t

[McCamy Taylor]

4. WTF? Jumping out of windows is too good for them?