Saturday, March 29, 2008

Bank of America to Pay Countrywide's Mozillo $10 million, Sambol $9 million

The AP is reporting that next week Countrywide CEO Angelo Mozilo will receive a payout from Bank of America of over $10 million in stock, while Countrywide President David Sambol will receive $9 million in stock, all part of the $4 billion takeover of Countrywide by BofA.



Sambol will be paid $28 million to stay on at BofA and run the consumer lending organization.

Politicians and homedebtor bailout champions like Senator Charles Shumer of NY are publicly expressing outrage at such payouts, but it does seem quite real, and it all comes too damn late to matter. Where was the congressional disgust 1 year ago, 2 years ago, 5 years ago? Nobody pretended to know or care then.

Millions of Americans will either lose their homes, go bankrupt, lose their jobs and/or be otherwise negatively affected by the greatest housing market crash ever recorded in U.S. and world history, yet the business leaders who concocted, presided over, pumped and encouraged the biggest credit Ponzi scheme in history will be rewarded with millions of dollars for their efforts.

Where is the FBI? Where is the SEC? Where is the U.S. Attorney General?

The plot appears to be officially lost.

Can this nation of supposedly united, federated and free states be possibly any more fucked up?

God help us all.

1 comment:

Anonymous said...

throw both these scumbags in jail.