Facing bankruptcy, Countrywide Financial Corporation was bought (and, we presume, rescued in some way) by Citicorp. Bankruptcy goes better for some folks than for others:
Now: [Countrywide's] CEO Angelo Mozilo earned some $10.8 million in total compensation and cashed out $121.5 million in stock options last year. The compensation disclosed in the Securities and Exchange Commission filing released Thursday represents an 80 percent cut from the 70-year-old's total pay in 2006 of about $51 million. The Calabasas-based company reported a yearly loss in 2007 of $704 million amid the nationwide mortgage market meltdown. CLICK
Hey, congratulations Angelo. Thousands of families are in chaos, but look how well you did!
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