Friday, January 11, 2008

Needed for today’s departing CEOs: the “Golden Ass Kicking”

With Bank of America taking over Countrywide, nimrod subprime guru Angelo Mozilo is getting a wunderbar golden parachute:

Mozilo, one of the nation's highest-paid chief executives, stands to reap $115 million in severance-related pay if his troubled company is acquired by Bank of America Corp., regulatory filings show.

Free rides on the company jet are also included in Mozilo's departure deal, and the company will pick up his country club bills until 2011.

To replace this, we need the Golden Ass Kicking.

In this case, every Countrywide subprime mortgage holder in the country gets one free swift kick at Mozillo's ass.