On Page A-3 of the March 30 edition of The Bee is the sad and shocking story of Countrywide Financial Corp.'s chief executive and president getting $19 million in stock from Bank of America's takeover
("$19M payday for
2 Countrywide execs"). The lawmakers and politicians called it "perverse"; I call it tragic, but not surprising when it comes to CEOs in this free- enterprising country.
I've been banking with Bank of America just about all my life, and we know why they did this. Trying to save whatever they can on the mortgage fallout that was caused by Countrywide CEO Angelo Mozilo and President David Sambol. But to reward them with $10 million and $9 million, respectively, is outrageous. They both should be in jail! These two were the architects of bad business practices that caused the housing crisis. Poor judgment by Bank of America.