"I would want him to stay until the deal gets done and then probably I
would guess that he would want to go have some fun," said Bank of
America's chief executive, Ken Lewis.
What else did you expect? Prison?
Sub-prime supremo lands $40m windfall
· Countrywide boss told to go away and 'have fun'
· Astonishment at huge reward for catastrophe
* Andrew Clark in New York
* The Guardian,
* Saturday January 12 2008
The boss of Countrywide Financial will scoop nearly $40m (£20m) out of
the US sub-prime mortgage lender's takeover by Bank of America -
enabling him to go away and "have some fun".
Angelo Mozilo, who has been vilified for his role in the sub-prime
credit crisis, agreed yesterday on a deal to sell Countrywide to Bank
of America for $4bn in stock. The buyout amounts to a rescue for the
business, which has been flirting with bankruptcy despite a portfolio
of 9 million loans worth a total of $1.5tn.
As America's largest mortgage provider, Countrywide has shouldered
sizeable blame for the industry's aggressive promotion of loans to
low-income households. The company is under investigation in Illinois
for misleading customers about their repayment commitments.
In full:
http://www.guardian.co.uk/business/2008/jan/12/subprimecrisis.useconomy?gusrc=rss&feed=networkfront
