With apologies to Samuel L. Clemens.
It’s amazing how much money people get for running companies into the ground:
The package is less than a quarter of the money Mozilo collected selling Countrywide stock in 2007 as the company’s shares slumped almost 80%.
The Calabasas, Calif., lender said Mozilo is giving up cash severance payments, post-closing consulting fees and continued perquisites that he was owed in connection with the mortgage lender’s takeover by Bank of America (BAC).
There’s something wrong about rewarding executives for failure.
But in the closed-bubble world of American CEO’s, overpaying incompetence is somehow seen as attracting the best talent.
It seems to be sort of like professional football coaches.
The losers keep being recycled to new teams at higher salaries.