Countrywide Financial Rewards CEO $132 Million

[toxic]

That pay was apparently for creating a $704 Million loss for Countrywide and Subprime crisis for the US Economy!!

Over $120 Million was gained due to the CEOs insight that it was time to sell his stock options last year.



http://cbs2.com/business/Countrywide.Angelo.Mozilo.2.708317.html

CALABASAS, Calif. (AP) ― A securities filing shows Countrywide Financial Corp. CEO Angelo Mozilo earned some $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 an 80 percent cut from the 70-year-old's total pay in 2006 of about $51 million.

The Calabasas-based company reported a yearly loss in 2007 of $704 million 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.

[Saguaro]

It's just disgusting :headshake

[Sweet Tart]

WTF?

[VRWC]

Just think....If we could all get paid millions for doing nothing.....I guess in some weird way, good for him. He somehow convinced somebody dumber than him to pay him that much.

[John Gault]

It's just disgusting :headshake

I wonder if you are always ready to judge without ANY knowledge of what happened?

If he broke the law, he is disgusting. If he did not he is not.

I think you are more disgusted with how much he made that anything else.

I wonder if people who think as you do are pretty much disgusted with anyone who makes that much?

Don't forget Bill Clinton has made well over 100 million since 2000 for doing basically nothing but running his mouth.

[Wabash]

Greed all around...............

[Wabash]

Here's a little more on greed..........

A few short years ago, we read the opposite: "New home sales are the HIGHEST in 16-1/2 years.... " It's called a "cycle" folks.

Today we hear complaints that 6% mortgages are too high... (people don't remember the 14-18% rates of the Jimmy "Nobel Prize" Carter years..)

Unemployment of 5% is reported by the NY Times as "outrageous" - we're in a recession and may well be on the way to a depression. Many economists consider that FULL employment and that 5% of the population will not seek work even if offered.

Reminder: Unemployment during the Great Depression was 25%.

A few short years ago, we were happy if our homes appreciated 3% a year. Today, a large part of our population base their whole economic lives on the expectation that their homes will appreciate at a double digit rate. How else can they refinance every 2-3 years and pay off their credit card debt?

Maybe it's time to flush out the gene pool.

[John Gault]

Greed? Just what does that mean?

[Trueblue]

Wow, that company follows the Bush Administration model. Big failure means big rewards!

[John Gault]

Wow, that company follows the Bush Administration model. Big failure means big rewards!

So insults based on opinion as intelligent debate?

[toxic]

Just like most big corporations, the "Compensation Committee" is appointed by the CEO and Board. Then the "Compensation Committee" sets the salary of those who appointed them.

Non-majority shareholders are helpless. Majority shareholders get special treatment.

[toxic]

So insults based on opinion as intelligent debate?

She stated a fact, that is proven by the original article.

[nixon]

So insults based on opinion as intelligent debate?One can hardly say Bush's two terms were a success.

[nixon]

I wonder if you are always ready to judge without ANY knowledge of what happened?

If he broke the law, he is disgusting. If he did not he is not.

I think you are more disgusted with how much he made that anything else.

I wonder if people who think as you do are pretty much disgusted with anyone who makes that much?

Don't forget Bill Clinton has made well over 100 million since 2000 for doing basically nothing but running his mouth.The line between legal and illegal is not the same as the line drawn between moral and immoral.