Filing: Countrywide CEO to get $10Mlast updated: March 29, 2008 04:32:07 PM
LOS ANGELES
Countrywide Financial Corp.'s chief executive and president will receive a combined $19 million in stock next week as part of the company's pending takeover by Bank of America Corp., according to a regulatory filing.
The payments of stock valued at $10 million for chief executive Angelo Mozilo and $9 million for President David Sambol were disclosed in a regulatory filing late Thursday by Bank of America.
The payments, described as "performance-based" stock rights and grants, are required by agreements the executives struck with Countrywide less than a year before the sub-prime meltdown forced the mortgage lender to sell itself, according to the filing.
Some lawmakers were incensed by the payouts.
"It's perverse for Bank of America to reward the principal architects of the bad business practices that caused this housing crisis," Sen. Charles Schumer, D-N.Y, said in a statement.
Mozilo, who is expected to retire after the takeover, previously agreed to give up $36.4 million in cash severance benefits. But after his departure he will receive company-paid life and health benefits worth $21,084 and medical benefits worth an estimated $85,000.
Bank of America also disclosed in the filing that it would pay Sambol $28 million to stay with the company. The bank wants Sambol to lead its consumer mortgage business when the deal is complete.
Bank of America is in the process of acquiring California-based Countrywide for about $4 billion in stock. Bank of America agreed to the acquisition in January, and the transaction is expected to close in the third quarter.
+++++++++++++++++++++
Posters Comments: What should have been a prison term ended up being a gold mine at the tax payers expensive. See any similaries here with the LLNS take over?
8 comments:
Sure do. Forty more overpaid ULM's who in the end got big pay raises , bonus checks and when LLNL/LLNS closes its doors they all will get a pat on the back, told a job well done and live happily ever after on their ungodly salaries for the duration of their lives. "you" the peasant worker will be trying to figure out how to get foods stamps. All we need now is to convert all DOE employees to DOD and put them into the WG / GS system whereby they will get a pension equal to PBGC. That would resolve the TCP-1 pension plan to it final states of substantial equivalent in the aggregate. Come on LLNS, what are you waiting for.
I think I told you this was coming a long time ago before and all during the transition where management aka the black widow stayed on course to convinced the mass majority that TCP-1 was the way to go. Once the people found out I was correct in my predictions as they can now see all of the lies coming to reality I can see that many wished they would have paid attention to their gutt feelings. Oh well, that's water over the damn and now you'll get to see corporate greed in action for yourselves where what the executives of countrywide got is what LLNS-ULM will get. A get out of jail card signed by NNSA/ DOE. Congress and the senate with the Whitehouse seal embedded in the final document. You may want to read an archived document to the right entitled, A Legacy Destroyed. This individual could see beyond his or her nose as did at least 49% of LLNL
The entire country is going to hell thanks to Washington. It is all a setup to remove the USA's strength to get us ready for the next step..
LLNL and LANL are just pawns in the game.
That picture says all that needs to be said. LLNL is dead and stinking. It will never be the same or serve the same purpose again. Thank NNSA/DOE/Congress and the Senate and all the boneheads within.
April 1, 2008 11:46 AM
Click on the picture and make sure your sound is on. Perrrrfect!
Greed at the very top of the corporate food chain is killing this country. It took a while for this disease to reach the NNSA weapons labs but it is now here.
Anyone below ULM is expendable. In fact, it should be clear to all that they want you to leave. It will make their job that much easier and help earn them a nice annual bonus from NNSA for "mission accomplished" in their plan for downsizing the labs and moving toward a production-based bombplex.
"Bechtel has a history of capitalizing on mistakes and mismanagement, particular in the nuclear industry"
http://www.reachingcriticalwill.org/corporate/dd/bechtel2.html
OMG! What a bunch of whiny little government employees, Now you may actually have to work for a living! No more Kimwipes for your sensitive little nose to blow into. My God people, if you are that worried then go get another job, if you can't then you needed to be released a long time ago. Let me guess, you all vote Democrat, right?
Post a Comment