Saturday, January 12, 2008

The person that loses their conscience has nothing left worth keeping. Izaak Walton

Wouldn't you like to have a job like this man?? He's going to receive millions of dollars for running a company into the ground. Meet Angelo Mozilo.

Mr. Mozilo was the co-founder and CEO of Countrywide, the failed mortgage lender being purchased (read: bailed out) by Bank of America. During 2006, while Countrywide was making questionable loans to desperate home buyers, Mozilo was raking in a cool $48.1 Million in compensation. And, even though Countrywide has reported a record number of foreclosures and delinquencies in their loan portfolio, Mozilo is now eligible to receive a reported $115 Million when he leaves after the sale to Bank of America is complete.

You would think that the folks who negotiate these employment agreement deals might be just a little smarter and include one more little sentence that spells out clearly that the benefits contained in the agreement are actionable ONLY if the company is doing well... not going down the toilet!

No comments: