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 Should Mozilo give his severance to 'subprime victims'? View next topic
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bdc63
Schumpeter Reincarnate


Joined: 16 Feb 2007
Posts: 4392
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Should Mozilo give his severance to 'subprime victims'?
PostPosted: Mon Jan 14, 2008 11:47 pm Reply with quoteBack to top

BahHaHahahahahaha

http://www.bloggingstocks.com/.....e-to-subp/

Two leading lawmakers, Senator Charles Schumer and Congressman Barney Frank, are calling on disgraced Countrywide Financial (NYSE: CFC) CEO Angelo Mozilo to donate some of the $100 million plus in severance that he will receive as part of the Bank of America (NYSE: BAC) buyout to families facing foreclosure.

Mr. Schumer said that, "Mr. Mozilo could display some goodwill by donating any severance pay he stands to receive to the nonprofit housing counselors trying to prevent foreclosures."

That would certainly be a nice gesture but, with all due respect to our elected officials, it completely misses the point. It is a travesty that Mr. Mozilo was awarded this severance package. The company's performance over the past year and myriad writedowns on bad loans should have given the board more than ample reason to fire Mr. Mozilo with cause.

The people getting royally screwed over by Mozilo's pay package are the company's shareholders. Compensation committee members Harley Snyder, Robert Donato, and Oscar Robertson should be hauled before Congressional hearings to explain this abject failure of corporate governance. It would be a much better use of taxpayer resources than holding hearings on what Roger Clemens did or didn't inject into his buttocks.



Amen to that.
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icenvegas
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Joined: 22 Nov 2007
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Location: Las Vegas

Re: Should Mozilo give his severance to 'subprime victims'?
PostPosted: Tue Jan 15, 2008 12:54 am Reply with quoteBack to top

right or wrong, this man started countrywide, and grew it into a powerhouse. He followed the will of the gov't as the gov't mandated that everyone should get a home, and followed market trends to stay competitive in their market place... did he screw people? not so much as the industry as a whole did..

does he deserve his money? More so than others who came into the game later.. he did START the company, and ran it for 40 years.

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angryvoodoo
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Joined: 20 Nov 2007
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Location: ny

Re: Should Mozilo give his severance to 'subprime victims'?
PostPosted: Tue Jan 15, 2008 3:24 am Reply with quoteBack to top

i agree with schmuck chumer. i mean chuck schumer.

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midnightrider
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Joined: 18 Dec 2007
Posts: 280

Re: Should Mozilo give his severance to 'subprime victims'?
PostPosted: Tue Jan 15, 2008 3:44 pm Reply with quoteBack to top

icenvegas wrote:
right or wrong, this man started countrywide, and grew it into a powerhouse. He followed the will of the gov't as the gov't mandated that everyone should get a home, and followed market trends to stay competitive in their market place... did he screw people? not so much as the industry as a whole did..

does he deserve his money? More so than others who came into the game later.. he did START the company, and ran it for 40 years.


don't like the windfall for the tan man, but he built the house and should reep the rewards... BTW I guess he sold the "countrywide house" with a shaky foundation....

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billddrummer
Nitroglycerin


Joined: 06 Aug 2007
Posts: 792
Location: Reno, NV

Re: Should Mozilo give his severance to 'subprime victims'?
PostPosted: Tue Jan 15, 2008 6:16 pm Reply with quoteBack to top

midnightrider wrote:
icenvegas wrote:
right or wrong, this man started countrywide, and grew it into a powerhouse. He followed the will of the gov't as the gov't mandated that everyone should get a home, and followed market trends to stay competitive in their market place... did he screw people? not so much as the industry as a whole did..

does he deserve his money? More so than others who came into the game later.. he did START the company, and ran it for 40 years.


don't like the windfall for the tan man, but he built the house and should reep the rewards... BTW I guess he sold the "countrywide house" with a shaky foundation....


Termites.

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Shrode
Cherry Bomb


Joined: 11 Jan 2008
Posts: 164
Location: San Diego

Re: Should Mozilo give his severance to 'subprime victims'?
PostPosted: Tue Jan 15, 2008 10:10 pm Reply with quoteBack to top

I would be MUCH more interested in having the oil companies cough up some of their billions of dollars of profits in the form of lower gasoline prices!!! That would benefit everyone in the country, not just the poor schmucks that are getting raped by their mortage companies.

Plus, the money that big oil is stealing from us makes the Countrywide mess look like chump change.

s

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billddrummer
Nitroglycerin


Joined: 06 Aug 2007
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Re: Should Mozilo give his severance to 'subprime victims'?
PostPosted: Tue Jan 15, 2008 11:07 pm Reply with quoteBack to top

Shrode wrote:
I would be MUCH more interested in having the oil companies cough up some of their billions of dollars of profits in the form of lower gasoline prices!!! That would benefit everyone in the country, not just the poor schmucks that are getting raped by their mortage companies.

Plus, the money that big oil is stealing from us makes the Countrywide mess look like chump change.

s


Yeah, but you gotta love the profits if you invest in oil stocks.

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Shrode
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Joined: 11 Jan 2008
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Re: Should Mozilo give his severance to 'subprime victims'?
PostPosted: Wed Jan 16, 2008 10:15 pm Reply with quoteBack to top

billddrummer wrote:
Shrode wrote:
I would be MUCH more interested in having the oil companies cough up some of their billions of dollars of profits in the form of lower gasoline prices!!! That would benefit everyone in the country, not just the poor schmucks that are getting raped by their mortage companies.

Plus, the money that big oil is stealing from us makes the Countrywide mess look like chump change.

s


Yeah, but you gotta love the profits if you invest in oil stocks.



riiiiiiiiight. Like I can afford to invest in ANYTHING right now!!

s

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icenvegas
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Joined: 22 Nov 2007
Posts: 3896
Location: Las Vegas

Re: Should Mozilo give his severance to 'subprime victims'?
PostPosted: Wed Jan 16, 2008 10:17 pm Reply with quoteBack to top

when pocket lint becomes currency.. I'm a rich mofo.

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billddrummer
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Joined: 06 Aug 2007
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Re: Should Mozilo give his severance to 'subprime victims'?
PostPosted: Wed Jan 16, 2008 10:30 pm Reply with quoteBack to top

icenvegas wrote:
when pocket lint becomes currency.. I'm a rich mofo.


When pocket holes become currency, that describes me too.

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