Today CNBC reported that Countrywide's Chief Operating Officer David Sambol will receive a $28 Million retention bonus from Bank of America; $20M cash, $8M restricted stock. After Bank of America takes over his salary will be $500,000/yr base, annual incentive $4M plus $150,000. equity-Nice Paycheck!
hmmmm-I guess they don't want to lose him, because of the great job he has done so far.
Wow....I've often wondered where I could get a job making millions of dollars doing a poor, terrible,horribly failing job. It really is disgusting.
It funny. They offered me $22 Million but I turned them down..... :-(
Seriously, Every time I hear something like that, I just have to scratch me head...
Nothing like rewarding someone who failed their previous company so you could buy it 30 mill cheaper than a few years ago probably
WOW is right - and Billie..a nice scoop of info - we all need a little retention like that don't ya think! Makes you stop and think doesn' it! hmmm
Unbelievable,pay him for his greed and bad loans for people who wanted to own a home and start over.
Not every one they loaned to was a negligent on purpose bad debt. SOme just had a run of bad Luck.
Thanks everyone for your comments- I misspelled his name it's David Sambol- Here's more about him from Forbes
www.forbes.com/finance/mktguideapps/personinfo/FromPersonIdPersonTearsheet.jhtml?passedPersonId=890413 - 39k -
Hi Billie. Great post.
I've believed, since the middle of last year, that any acquisition of Countrywide Financial Corp. by Bank of America Corp. would create little stability in the mortgage markets. The market for mortgage-backed securities is dead. Bank of America wanted a pat on the back from Wall Street with their paltry $2 billion infusion into the failed mortgage lender, to help them, back around Septamber of 2007; Bank of America was looking for a bargain and found a deal. I also believe that it was an option to purchase that company, nothing more or less. Maybe we're starting to discover who orchestrated the buyout. Duh?
The crisis is just beginning and the worst impact on the economy has yet to be seen. Analysts and investors are worried because of the mounting heavy losses and the absurdity of the marginal help that the Federal Reserve Bank extended to the collapsed mortgage lending sector.
I believed then that Countrywide Financial could not survive. The Fed and Bank of America are the Dr. Kevorkians of the mortgage industry. Giving Countrywide money was like giving spare change to a drunk panhandler with cirrhosis of the liver; it makes an already extremely unfortunate condition fatal.
Countrywide's depositors have already extracted millions from the lenders bank. The greed that the government and the mortgage lenders perpetrated over the last eight years is shameful. It's injured the reputation of our country. The payoff to Sambol is a coupe de grace.
an update;
LOS ANGELES - In a March 29 story about Countrywide Financial Corp., The Associated Press incorrectly described upcoming stock payments to CEO Angelo Mozilo and President David Sambol. The two executives will receive a combined $19 million in payments as a result of their employment contracts with Countrywide, not because of the company's pending takeover by Bank of America Corp.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
still alot of money
Billie, I know you wrote this quite awhile ago, but I wanted to reciprocate and welcome you to Active Rain. ;-)
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