Getting rich failing: Only in America

Saw this in the Dayton Business Journal today:

Countrywide CEO to voluntarily give up $37.5M in severance – Dayton Business Journal:
The chief executive of Countrywide Financial Corp. says he will give up $37.5 million in cash severance and other perks he would have gained from the company’s acquisition by Bank of America Corp.

Countrywide said Angelo Mozilo remains a substantial stockholder and an employee. His shares and equity awards will be treated in the merger in the same manner as those of all other shareholders and employees.

“My primary focus today — as it has been for the past 40 years — is to do what is in the best interests of Countrywide’s employees, customers and shareholders,” Mozilo said. “I believe this decision is the right thing to do as Countrywide works toward the successful completion of the merger with Bank of America.”

Note, I wrote about this same loser before: his total package was $115 million, so giving up $37.5 isn’t exactly a huge setback. A lot of people lost their jobs because of him (if you believe CEO’s are as pivotal to the success of a company as their pay would seem to indicate).

If there is any class of people who deserve to be in prison, Angelo Mozilo should be one of the poster children. Sending an entire segment of the economy into a tailspin because of unregulated banking and profiteering is far more heinous  than selling a few ounces of crack.

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3 Responses

  1. Jim Crotty January 28, 2008 / 4:40 pm
    Not only that, there’s a bunch of brokers out there who still managed to make money from the sub-prime mortgage market while their clients took baths.

    This whole idea of the “sanctity of the executive office” and never questioning someone with the title of CEO, president or whatever, has gotten so completely out of control to be beyond criminal. It’s narcissism gone wild, and at the expense of so very many.

  2. J.R. Locke January 29, 2008 / 7:22 pm
    Well put Jim. The sad thing is all these stories creates this air of cynicism and disgust with America and most of its profiteers. The faith in America as an institution of good has to be at its lowest in many many years.

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