CEO Who Torpedoed Countrywide Mortgage Company Paid $132 Million

[DeSwiss]

Countrywide CEO Earned $132 Million In 2007

The Huffington Post | April 25, 2008 05:36 AM EST
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Angelo Mozilo

CALABASAS, Calif. — A securities filing shows Countrywide Financial Corp. CEO Angelo Mozilo earned about $10.8 million in total compensation and cashed out $121.5 million in stock options last year.

The compensation disclosed in the Securities and Exchange Commission filing released Thursday represents a nearly 80 percent cut from the 70-year-old's 2006 pay of about $51 million.

The Calabasas-based company reported a yearly loss of $704 million in 2007 amid the nationwide mortgage market meltdown. It agreed in January to be acquired by Bank of America Corp. for $4.1 billion in stock.

The SEC has been scrutinizing the timing of Mozilo's stock sales. Mozilo has said he's cooperating with the inquiry and has denied making any improper trades.

http://www.huffingtonpost.com/2008/04/25/countrywide-ceo-earned-13_n_98563.html">LINK

- Will someone tell me again why these guys aren't wearing orange jumpsuits????
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DeSwiss


http://atheisttoolbox.com/">The Atheist Toolbox

[SoCalDem]

1. and not long ago he was part of a panel on C-span

pontificating about how GREAT the housing industry was..and receiving all kinds of praise..:puke:

[DeSwiss]

5. Well...

...it looks like it turned out great for him at least.

- For now...

[Zynx]

2. This is a dick in the mashed potatoes of free market theory.

The market is supposed to punish failure, not reward it. This proves there needs to be a great deal more regulation on executive compensation.

[DeSwiss]

7. I totally agree....

...and the shareholders should weigh-in on those decisions, most definitely.

As for the "magic of the marketplace" that Ronnie Reagan was so fond of telling us about, well they sawed the lady in half and she died.

[nichomachus]

3. Is this a great country or what? n/t

[DeSwiss]

8. Okay, I'll bite....

...I'll take "or what???," for $200 Alex.

[Supersedeas]

11. good question - meanwhile Lou 1-Issue Dobbs is whining about immigrants stealing painting/roofing

jobs with all this indignation a white haired powder-faced freak can muster

[SammyWinstonJack]

13. Just super!

x(

[angstlessk]

4. I am certainly glad to see that he is so well tanned

[DeSwiss]

9. That was the first thing....

...that jumped out at me when I saw that pic.

- He's no doubt been lying on the beach "at one of his homes...."

[JDPriestly]

6. And he contributes to both Democratic and Republican candidates

http://www.newsmeat.com/ceo_political_donations/Angelo_Mozilo.php

He plays it safe. Gave $4,000 to GWB in 2004. Gave $2,000 to Kerry in the primary in 2004.

He supported Feinstein but not Boxer. He supported both Dreier and Mary Bono.

Don't worry. He knows how to gain the favor of friends in high places.

[DeSwiss]

10. That's exactly why I do worry.

Because its those "friends" that keep justice at-bay.

[corkhead]

12. That must be his Cayman Island tan

which answers your jumpsuit question