Nice try Orangelo.
It's all caving in for you now, eh?
BofA won't complete this transaction as agreed to. Countrywide will file for bankruptcy. Thousands will lose their jobs. You will be arrested for insider trading, Sarb-Ox violations and knowingly enabling mortgage fraud. And like Ebbers before you, those hundreds of millions of ill-gotten gains will be taken by the government as part of your fine.
And you will spend an awfully, awfully long time in prison.
Was it worth it?
Really, Angelo, was it worth it?
AP NewsBreak: Countrywide CEO Mozilo Will Give Up $37.5 Million in Severance Benefits
Countrywide Financial Corp. CEO Angelo Mozilo, under fire over the size of his potential payout from the proposed sale of his troubled mortgage company, says he is forfeiting some $37.5 million in severance pay, fees and perks he was scheduled to receive upon his retirement.
Damon Silvers, associate general counsel of the AFL-CIO, which operates a Web site that tracks executive pay, said that by giving up his severance pay Mozilo "seems to recognize that there's something wrong with this picture."
"It would be best if Countrywide and Bank of America froze all of his compensation until a thorough inquiry could be completed as to exactly what happened at Countrywide," Silvers said, referring to allegations raised in some shareholder lawsuits filed last year that the company failed to warn investors about the depth of its financial troubles.
Countrywide shares closed at $6.02 on Friday, 19.5 percent below what each share would be worth in Bank of America stock if the deal was closed based on the bank's $39.48 closing share price Friday.