And no, I’m not talking about the acquittal of Sean Bell’s killers. We all know the only thing cops can’t get away with in this city is sodomizing suspectsafter they’ve been arrested. That’s a no-no (prior to the arrest: go nuts). I’m talking about Angelo Mozilo, and the gross injustice that was his compensation for 2007. The Lord of Orange’s pay fell forty nine percent to $22.1 million, from $43 million in 2006. Before you start crowing about how he’s lucky Countrywide paid him at all, just realize that this is going to come back to bite CFC and its shareholders in the ass. It’s a well-known fact that several times a year, Mozilo likes to round up a few thousand Countrywide staffers, heads out to a cattle ranch in Montana, and throws upwards of $500,000 in small bills out the window CFC’s G4, then watches in delight as the lucky employees pick up and return every last dollar. Moz has always bore the cost of the event. Now, it’s going to come out of Countrywide’s pocket.
A Losing Year at Countrywide, but Not for Chief [NYT]