Bank Of America Dumps Countrywide President Sambol

Los Angeles Times:

Showing Countrywide Financial Corp. President David Sambol the door, Bank of America Corp. said today that it would appoint one of its own top executives to oversee mortgage operations after completing its acquisition of Countrywide.

When it announced in January that it would buy struggling Countrywide, Bank of America said that Sambol, the No. 2 executive to Countrywide founder and Chairman Angelo Mozilo, would stay on to run the nation's largest home-loan operation from Calabasas, where Countrywide is based.

But that role will now be handed to Barbara J. Desoer, Bank of America's chief technology and operations officer and a member of the bank's management operating committee.

Read the whole story: Los Angeles Times

Comments

[AmandaRuth]

HE GOT 28 MILLION FOR FAILURE? Oh yes, the free market strikes again, and some Repub governor is vetoing a raise in min wage to $8.25 an hour.

[swift goat pet for truth]

That is actually quite small compared to some of the other failures.

Ex-Mattel Jill Barad comes to mind.

[swift goat pet for truth]

Then there is G. W. Bush.

[swift goat pet for truth]

$28 mil severance pay.

He must be devastated.

[dadw5boys]

Keep them around so when the ILLEGAL STUFF pops up you can TURN THEM OVER TO THE FBI!

[WIpatriot]

Or....

Let them go so you can backdate transactions and pin them on a single scapegoat.­...

[anastasiabeaverhousen]

This is the modus operandi for BofA. The bloodbath has just begun. My guess is headhunters are making a killing placing all the senior leaders of the former Countrywide.

All others will be assimilated. Resistance is futile....­..........

[BadCompany]

But no one can do what Countrywide can.

[bmermaid]

"I'm so sad!!" he could be heard yelling, as he floated gently down to an opulent retirement, with his golden parachute.