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.
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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