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Son of a Butcher Could Land $115 mln Severence


It comes as no surprise that Mozilo seemed pretty upbeat about Bank of America's $4 billion dollar acquisition of Countrywide.

In many ways, Angelo Mozilo's story is the stuff of dreams. The Countrywide (CFC) CEO grew up the son of a Bronx butcher, and went on to head one of the nation's largest mortgage lenders. Unfortunately, Mozilo seemed unable to shake his old man's penchant for butchery. Over the past year, he led his company down an unsavory path of lending practices that resulted in congressional inquiries, SEC investigations, and near financial collapse. Anyway you slice or dice it, it's safe to say that Mozilo's tenure at CFC will be inextricably linked to the subprime mortgage crisis of 2007.

It comes as no surprise that Mozilo seemed pretty upbeat about Bank of America's (BAC) $4 billion dollar acquisition of Countrywide. Mozilo said that "we believe this is the right decision for our shareholders, customers and employees." Indeed, it seems that it's also the right decision for Mozilo. Should he decide to step down, the son of a butcher is now entitled to $115 million in severance-related pay. Not to mention free rides on the company jet. Oh, and his country club bills will be paid for until 2011.

So while the past year has been one of the darkest for Countrywide's shareholders and customers, times really couldn't be sunnier for Mozilo. And that's exactly what Hoofy and Boo would like to talk to you about, Angelo...

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No positions in stocks mentioned.

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