Countrywide CEO Earned $132 Million In 2007

CALABASAS, Calif. — A securities filing shows Countrywide Financial Corp. CEO Angelo Mozilo earned about $10.8 million in total compensation and cashed out $121.5 million in stock options last year.

The compensation disclosed in the Securities and Exchange Commission filing released Thursday represents a nearly 80 percent cut from the 70-year-old's 2006 pay of about $51 million.

The Calabasas-based company reported a yearly loss of $704 million in 2007 amid the nationwide mortgage market meltdown.

It agreed in January to be acquired by Bank of America Corp. for $4.1 billion in stock.

The SEC has been scrutinizing the timing of Mozilo's stock sales. Mozilo has said he's cooperating with the inquiry and has denied making any improper trades.

Comments

[CaptainHowdy]

MAN, that guy is creepy looking.

[mamacat]

Looks like the Republican philosophy of deregulating everything is working just the way they want it to.
All they have to do is spend a few hundred million dollars every year keeping the public away from the truth, focused on non-issues, and they are free to rape our country for hundreds of billions. It seems to me that honest business men and women should reject the new Republican party that Reagan helped create. I don't care what they embrace instead, but honest, hard working people should definitely reject today's GOP.

[totalliberal]

Maybe we should listen to George Soros's suggestion. By helping out the homeowners who have been conned by these rapscallions we would have far fewer homes on the market. Fewer homes on the market would have kept real-estate prices steady and people would still have roofs over their heads and some equity.
But then Bushco has never been successful at anything they do.

[peepeeray]

The American Way = privatized profits, socialized losses, and make sure the bitter people have plenty of guns and religion to cling onto. Just don't say that last part publically or you'll catch hell for it.

[gakabani]

This is pure corporate fascism.

[mediamarv]

So who gets the 4Billion?? Does he get any of that too???

This is republican heaven... top CEOs making all they can rake in, people who actually work losing homes.
What a great country this is under Repugnant rule!!

[totalliberal]

I believe this can now be called the Bush "trickle-across", economic theory.

[totalliberal]

Snipes goes to jail for a few million. This turd gets hundreds of millions for blowing/stealing billions. Republican economics of scale.
Bush has now blown trillions (toward his friends), wonder what his reward will be?

[scottyboi84]

Maybe he should take a modest 1 million dollar salary and donate the rest to the company of his that is failing. With over 700 million dollars in loss, 100 + million dollars would certainly help. How greedy can one person be? What do you do with that amount of money besides sit on it and keep it from other people who probably deserve it more than him anyways.

[swift goat pet for truth]

GREAT NEWS!!!

Now all I gotta do is wait until some of it trickles down...

[Novista]

And another thing ...

Does no one remember that last September, the government bailout of Countrywide was $51.1 billion? And Bank of America will buy Countrywide for $4 billion. Eh?

"Countrywide"s advances from the Atlanta-based FHLB bank had soared 81 percent, to a total of $51 billion."

from this blog of last November:

http://loanworkout.org/2007/11/28/fast-sleezy-schumer-is-on-mozillos-a-big-time/

I remember Senator Charles Schumer was "asking questions" of Mozilo. What happened with that?

[WIpatriot]

Same thing that always happens.....a lot of huff and puff and then. all of a sudden, nothing.

[mamacat]

If the government had to bail his company out with billions of dollars, but it still went under, how in the world does he justify paying himself $132 million? If I let a small business go bankrupt, all I get is a tax break, maybe, on my losses. What he has done certainly has the appearance of outright theft. Is this even legal in our system? Why isn't the Attorney General all over this guy, trying to get the taxpayers' money back?

How many other fat cats at this company took our money and paid themselves obscenely large amounts while the company they were supposed to be overseeing went belly-up? Anyone want to take a bet that the money he took is already in some overseas bank, now untouchable? Maybe he would trade jail time for giving the money back.

I have the feeling that there was a time in our history when this sort of behaviour was not allowed.
Welcome to the New Republican era.

[OntheContrary]

I like to be a CEO. Where do I sign up. Oops, sorry you are not in the 'Old boys network.' No wonder corporate America is in decline.

[sklfcats]

HE should sped some of his hard (ly) earned money and do something about his overdone fake suntan.

[OnceProudAmerican]

Smells like another Buyout in the works.
When are Stockholders and Co officals going to start holding these Bastards accountable? After Enron you think we would put a stop to this Crap.
Maybe the stockholders DESERVE the hosing they're receiving?

[zizyphus]

Looks like a gangster, gangster vibes.