SEC: Countrywide execs to get millions in stock

Muad Dib · Mar 29, 2008

SEC: Countrywide execs to get millions in stock

Story Highlights
Countrywide CEO Angelo Mozilo is set to receive $10 million

Countrywide President David Sambol will get about $9 million

Bank of America agreed in January to buy the struggling mortgage lender

Lawmakers have chastised the executives for helping foster the mortgage crisis

NEW YORK (CNN) -- The two top executives at struggling Countrywide Financial Corp., the nation's largest mortgage lender, are slated to receive a combined $19 million in payouts, a regulatory filing shows.

The payments are part of the company's pending takeover by Bank of America.

Countrywide CEO Angelo Mozilo is set to receive $10 million in stock, and President David Sambol will get about $9 million, according to documents Bank of America filed this week with the Securities and Exchange Commission.

Sambol will receive another $28 million in cash and stock to stay with the combined company, the document states.

Their compensation is tied directly to the performance of the company via stock and options that the executives have held over time, according to the filing.

Bank of America agreed in January to buy Countrywide for $4 billion.

Mozilo and Sambol, along with ex-Citigroup chief Charles Prince, came under fire this month by members of the House Oversight and Government Reform Committee, who chastised the executives for helping foster the current mortgage crisis.

Lawmakers accused the executives of leaving homeowners at risk of losing their homes while fattening their own wallets. In their defense, the executives said they also lost billions of dollars in the subprime meltdown.

Mozilo, Sambol and Prince made headlines in the past year for their lofty compensation after their companies suffered heavy losses in the U.S. housing market.

Between 2002 and the close of 2006, the three executives were paid $460 million, according to a report issued by the House committee in March.

Mozilo, who grew Countrywide from its modest beginnings into the nation's largest mortgage lender, reportedly stood to collect a windfall of $115 million after his firm agreed to a yet-to-be-completed sale to Bank of America.

After facing heavy criticism from lawmakers, Mozilo forfeited $37.5 million in payments tied to the deal.

http://www.cnn.com/2008/US/03/29/countrywide.ceo/index.html?iref=mpstoryview
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I wish I could help cause an economic disaster and get paid a fortune for it.

enlisted person · Mar 29, 2008

They need each two slugs to the back of the head. They have raped a nation.

Baba · Mar 30, 2008

country wide exec is a phb. As in dilbert phb.

Bulldog · Mar 30, 2008

Muad Dib said: ↑

I wish I could help cause an economic disaster and get paid a fortune for it.
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You could also go into politics...

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SEC: Countrywide execs to get millions in stock

Muad Dib Probably a Dual Deceased Member

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SEC: Countrywide execs to get millions in stock

Muad Dib Probably a Dual Deceased Member

enlisted person Black Swan

Baba Rep Giver

Bulldog Only Pawn in Game of Life

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