Sunday, January 13, 2008

Countrywide CEO Gets Lavish Perks - Company Fails, But CEO Wins!

I have to wonder just how one joins the Billionaire Boys Club that is Corporate America. Angelo Mozilo, the CEO of failed mortgage lender Countrywide, could be leaving with a sizable severance package valued at $115 million after the sale to Bank of America is complete. This, to the head of a company that crashed and burned because of lame-brained loan practices like adjustable rate mortgages for people who had dodgey credit.

He will also be entitled to receive other benefits, including office space, secretarial support, use of the company's aircraft, financial consulting services and payment of annual country club dues as well as continued health care benefits for life!

Damn, when I had my own company and we lost money, I took home less money as well. Guess I didn’t go to the right school or belong to the right fraternity?

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