Filing: Countrywide CEO to get $10 million in stock
“Bank of America will hopefully correct the bad practices Countrywide put in place. But enriching people who specialized in deceiving borrowers for the sake of their bottom line will not help that cause.”
Countrywide Financial Corp. CEO Angelo Mozilo and President David Sambol will receive $19 million in stock next week as part of the company’s pending takeover by Bank of America Corp, according to a regulatory filing.
The payments of stock valued at $10 million for Mozilo and $9 million for Sambol were disclosed in a regulatory filing late Thursday by Bank of America. The payments, described as ‘performance-based’ stock rights and grants, are required by agreements the executives struck with Countrywide less than a year before the sub-prime meltdown forced the Calabasas mortgage lender to sell itself, according to the filing. Read more
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