Mozilo shouldn't just be worried about the SEC. He shouldn't just be worried about irate laid-off Countrywide employees. He shouldn't just be worried about CFC shareholders who lost everything. He shouldn't just be worried about the thousands and thousands who got pushed into toxic loans so he could earn higher commissions. And he shouldn't just be worried about his future boyfriends in jail.
No, with his level of naked greed and corruption, he and others in the REIC and government should now be worried about the guillotine. Now we just need a Robespierre.
The good news is that the prosecutors were able to seize Bernie Ebbers assets and ill-gotten-gains during his downfall, and I hope that they'll be able to do the same with The Orange One. This is just sick.
Lavish Payout, Perks for Failed Mortgage CEO - His Severance Package Includes Jet Use, Country Club Dues and a Hefty Payout
Angelo Mozilo, the co-founder and public face of troubled mortgage giant Countrywide, is eligible for tens if not hundreds of millions in compensation and perks on the sale of the company to Bank of America.
During calendar 2006, the latest period available for review in Securities and Exchange Commission filings, Mozilo took home $48.1 million in compensation. An early analysis of SEC filings by the Los Angeles Times suggests he could get upward of $115 million when he leaves after the sale is complete, despite the fact that the company tanked during the recent subprime mortgage crisis.
Immediately upon a change in control, Mozilo would get $13.3 million in accelerated vesting of stock grants, according to the terms of his 2004 compensation agreement, included in the company's latest proxy statement.
Should he leave the company after the firm's buyout, Mozilo would get a one-time cash payment of $88 million.