As you might have read, Countrywide Financial is being acquired by Bank of America. Countrywide was apparently on the brink of bankruptcy. It's bad enough that companies such as Countrywide made loans that were shaky at best, they compound the pain by giving their CEO, Angelo Mozilo, a severance package of $115m, free access to the company jet, and paid dues to the country club until 2011. This was certainly a pay for failure package. No one else in this great country gets paid for failure except greedy CEOs. The boards of these companies should be held up to public scrutiny and made to explain why!
What are your thoughts.
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