and it's NOT the fact that this pecker-head took an 80% pay cut or the fact that my brother now has to sell #2 Dixon Ticonderoga pencils out of an old, chipped coffee mug at Miami International Airport and is unable to golf as much as he'd like. Mr. Angelo Mozilo should be forced to replenish the retirement savings for each and every Countrywide employee before he is able to touch a single penny of his stocks earning and before he goes to jail (he should go to jail, Marth Stewart did). Better yet, lets ship him off to Kinshasa...
Saturday April 26, 5:01 am ET
Countrywide CEO's pay cut nearly 80 percent to $10.8 million; earns $121.5 million in stock
CALABASAS, Calif. (AP) -- 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.
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