26 April 2008

Good work if you can get it!

The former CEO of the former company Countrywide Financial, Angelo Mozilo, managed the company to the brink of bankruptcy before it was taken over by Bank of America. Because of this he very graciously declined to accept over 35 million USD worth of severance pay and other perks at his "retirement". We now know that Mr. Mozilo could afford to make this noble gesture, in part at least, because of his over 145 million USD in "earnings" from the company for 2007. Most of that amount, 120+ million USD, came from converting options; presumably before the stock tanked.

I gotta get me one of these jobs someday (soon).

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