Mozilo Gives Up Severance Pay
In the “best interest” of the company and shareholders, Mozilo walks away from a $36.4 million (cash) severance package. Crazy, you ask? Nah- he’s still eligible for insane retirement benefits and compensation totaling $40 million, he’s a considerable stockholder and don’t worry, he still gets to use the company jet and gym (and probably the tanning bed with the oompa-loompa-orange bulbs).
But should he have walked away? I think most people would, especially given that he’ll still easily afford an entourage, driver and skinny chicks feeding him grapes by the pool. But would I have given up that severance package? No way- even though he made Countrywide the mega-lender it has become, history has already written him off as a bad guy and made him the fall guy for the debacle at Countrywide (and the mortgage industry as a whole), so why not? He did his job! Silly Mozilo- you should’ve taken the money and bought an island in Fiji to quietly slip into retirement!
Source- The Real Estate Bloggers
February 1st, 2008 at 8:16 pm
I’m looking at this guy’s picture thinking is that really his skin color - $36 million - uh-huh - he looks weird - considerable stockholder - uh-huh. …”probably the tanning bed with the oompa-loompa-orange bulbs.” I laughed so loud I startled everyone.
February 1st, 2008 at 8:58 pm
i serve to entertain you my dear
Benn pointed out he must have the same disorder michael jackson has, so i can only make *so* much fun.
February 1st, 2008 at 9:31 pm
He can take it. He swims with the big fishes.
February 2nd, 2008 at 3:32 pm
I think he IS the big fishes!
March 26th, 2008 at 10:19 pm
Mozila should have spent less time on CNBC and more time running Countrywide. Maybe he thought that Countrywide sold tan-in-a-can and was trying to keep them in business by using as much as humanly possible. Unfortunately they are in the business of making loans…I am not sure if that Umpa Lumpa was aware of that or not?