Summary
When he first "adjusted" the plan, Countrywide's stock price was about $40 a share. Today, it's $6. In between, his sales netted him a cool $132 million. That does not count more than $300 million in stock he'd previously sold. So when [Angelo Mozilo] made the grand gesture of giving up a severance package he didn't deserve in the first place, he was already sitting in the lap of luxury-unlike the shareholders, customers, and employees who didn't have advance knowledge of Countrywide's collapse.
You might recall that when Howling Paul was Bush's undersecretary of defense, he insisted that big bad Saddam Hussein had WMDs and had to be taken out before he dropped one right here in America. "Disarming Iraq," [Paul Wolfowitz] solemnly declared just before Bush's invasion, "is a crucial part of winning the war on terror."Next came Dean Baquet, another stalwart journalist. Again, chieftains in Chicago kept ordering him to devour reporters until he couldn't take it anymore and, in 2006, said "no." He was sacked. That put James O'Shea in the editor's chair, but now comes word that the job has swallowed him, too. He's just been fired for refusing to cut $4 million from the newsroom budget.See the full content of this document
Extract
Failing Upwards
WHEN HEROES ARE HUCKSTERS Oh, Angelo, what a hero you are. Yessiree, a real corporate hero.
Angelo Mozilo is CEO of Countrywide Financial Corp., which was Americas largest huckster of subprime mortgages before that whole house of cards came tumbling down. Thousand...See the full content of this document
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