"As the mortgage industry went into a nose dive in late 2006 and 2007, Mozilo [of Countrywide Financial] cashed out about $140 million in stock options, becoming one of the highest-paid executives in the country."
It's hard to believe this could happen without law breaking.Mozilo was guaranteed three times his base salary, plus a cash payment equal to three times the greater of his average bonus or the incentive bonus paid the previous year: $87.8 million.
There's also two pensions that were worth $24 million as of December 2006, lump sums. And "continuing health benefits for life for himself and his spouse, three years of life and financial planning benefits, and "tax-gross-up payments" to compensate him for any penalties he'd have to pay for receiving payments the IRS might consider excessive."
Astonishing. How's your 401k this this afternoon?