Consumer Law

Bank of America to pay two Countrywide execs $19 million for running company, economy into the ground

By Sam Glover

In an odd sort of thank-you note, Bank of American will give two top Countrywide executives, CEO Angelo Mozilo (pictured) and President David Sambol, $19 million in stocks. Bank of America took over Countrywide, the company made famous by writing loans all but guaranteed to fail. Countrywide’s loose lending habits were a significant contribution to the current recession (or whatever you want to call it).

Lawmakers accused the executives of leaving homeowners at risk of losing their homes while fattening their own wallets.

. . .

Between 2002 and the close of 2006, the three executives were paid $460 million, according to a report issued by the House committee in March.

I wonder if this will come up at the upcoming Federal Reserve hearings on the Countrywide-Bank of America merger.

[photo: CNN/Getty]

Full post as published by Caveat Emptor on March 30, 2008 (boomark / email).