cbs2.com - Countrywide CEO Made $132M In 2007 Pay, Stock Sale: "CALABASAS, Calif. (AP) ― A securities filing shows Countrywide Financial Corp. 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. It agreed in January to be acquired by Bank of America Corp. for $4.1 billion in stock. The SEC has been scrutinizing the timing of Mozilo's stock sales. Mozilo has said he's cooperating with the inquiry and has denied making any improper trades."
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I don't usually get on the evil corporate executive hobbyhorse, but it seems to me that when a company loses a bazillion dollars and gets bought out, the CEO may not deserve to get fabulously wealthy in the very same year. I keep hearing about how great a job the free market does of setting prices for goods, services and labor, but I don't see the relationship between results and rewards here.
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