In response, Mozillo was quoted as saying "Bwaa Ha Ha Ha Ha Ha!"

NEW -> Contingent Buyer Assistance Program
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WINEX_IHB

New member
http://www.reuters.com/article/marketsNews/idUKWAT00870120080111?rpc=44





<p> WASHINGTON, Jan 11 (Reuters) - A top U.S. lawmaker on Friday urged Countrywide Financial Corp (CFC.N: <a href="http://www.reuters.com/stocks/quote?symbol=CFC.N">Quote</a>, <a href="http://www.reuters.com/stocks/companyProfile?symbol=CFC.N">Profile</a>, <a href="http://www.reuters.com/stocks/researchReports?symbol=CFC.N">Research</a>) chief Angelo Mozilo to donate a portion of his $150 million in recent earnings to nonprofit groups that are trying to help subprime mortgage borrowers.</p>

<p> The request was made by House Financial Services Chairman Barney Frank, who also said in a statement that the proposed $4 billion acquisition of Countrywide by Bank of America (BAC.N: <a href="http://www.reuters.com/stocks/quote?symbol=BAC.N">Quote</a>, <a href="http://www.reuters.com/stocks/companyProfile?symbol=BAC.N">Profile</a>, <a href="http://www.reuters.com/stocks/researchReports?symbol=BAC.N">Research</a>) could be a "positive development" in the subprime mortgage crisis. (Reporting by John Poirier; Editing by Mark Porter) </p>
 
<p>WASHINGTON, Jan 11 (Reuters) - A top U.S. lawmaker on Friday urged Countrywide Financial Corp (CFC.N: <a href="http://www.reuters.com/stocks/quote?symbol=CFC.N">Quote</a>, <a href="http://www.reuters.com/stocks/companyProfile?symbol=CFC.N">Profile</a>, <a href="http://www.reuters.com/stocks/researchReports?symbol=CFC.N">Research</a>) chief Angelo Mozilo to donate a portion of his $150 million in recent earnings to nonprofit groups that are trying to help subprime mortgage borrowers.</p>

<p>[TRANSLATION]</p>

<p> WASHINGTON, Jan 11 (Reuters) - A top U.S. lawmaker on Friday urged Countrywide Financial Corp (CFC.N: <a href="http://www.reuters.com/stocks/quote?symbol=CFC.N">Quote</a>, <a href="http://www.reuters.com/stocks/companyProfile?symbol=CFC.N">Profile</a>, <a href="http://www.reuters.com/stocks/researchReports?symbol=CFC.N">Research</a>) chief Angelo Mozilo to donate [GIVE BACK] a portion of his $150 million in recent earnings to nonprofit groups that are trying to help subprime mortgage borrowers [I.E. THE FOLKS HE LEGALLY SUCKERED].</p>
 
as was pointed out in the blog discussion... Mozilo just hit the jackpot with this buyout.



http://blogs.wsj.com/deals/2008/01/11/mozilos-monster-payday/

http://latimesblogs.latimes.com/laland/2008/01/mozilo-severanc.html



"The newspaper reports tonight that in his contract agreement, which extended the 69-year-old's employment contract through 2009, Mozilo was guaranteed three times his base salary, plus a cash payment equal to three times the greater of his average bonus or the incentive bonus paid the previous year. Net value: $87.8 million.



In addition, Mozilo has two pensions that his severance agreement gives him the right to receive as a lump sum upon his departure. Those pensions were worth $24 million as of December 2006, the last time the company was required to report their value.



There is more. The Times reports Mozilo would receive continuing health benefits for life for himself and his spouse, three years of life and financial planning benefits, and "tax-gross-up payments" to compensate him for any penalties he'd have to pay for receiving payments the IRS might consider excessive."



/facepalm
 
<p>I just saw Sen. Chuck Schumer (D-NY) make a vicious attack on our boy, Angelo. He said he'd like to, "...boil him in oil..."</p>

<p>I demand an apology on behalf of Angelo. There is no need for tha kind of mean-spirited rhetoric. </p>
 
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