Jim Hightower | BEWARE OF CORPORATE “HEROES”: "Oh, Angelo, what a hero you are. Yessiree, a real corporate hero.
Angelo Mozilo is CEO of Countrywide Financial Corporation, which was America’s largest huckster of subprime mortgages before that whole house of cards came tumbling down. Thousands of Countrywide’s customers have lost their homes, thousands of its employees have lost their jobs, and Countrywide itself was on the brink of bankruptcy until it arranged a bailout merger with Bank of America.
One who was not suffering a bit, though, was Angelo. He had set himself up with a nice little severance package of $36 million, plus $400,000 a year in consulting fees from the new owners and use of the corporate jet. However, after an explosion of public outrage over this sweetheart set-up, Angelo has magnanimously stepped forth to say that he will voluntarily forego his golden package. What a guy, huh?..."
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