Some things never change.
David Sambol, the out-going president of kaput mortgage giant Countrywide Financial Corp., is taking his family on an African vacation -- on Countrywide's Gulfstream IV.
Yes, the guy in charge of the company that sold hundreds of thousands of suspect mortgages to people who couldn't afford them is leaving on a jet plane, for a nice three-week-long vacation in Africa with his family.
But you know, it's been a stressful year for Mr. Sambol, what with his company nearly collapsing and that stressful fire sale to Bank of America (NYSE: BAC). Not to mention being hauled before Congress to account for his part in helping facilitate the global credit crisis.
Marie Antoinette would have understood completely. "Let them take a vacation," she would have said. "An African safari would be nice. The kids will love it."
Sambol got about $9 million in stock as part of his package when Bank of America bought Countrywide for $4 billion in January, and another $28 million in cash and stock for staying with the company until the purchase was complete, according to news reports and SEC filings. As part of his exit deal, Sambol gets use of the company jet for business and personal reasons as long as he is employed. Bank of America will also also continue to pay his country club dues, according to filings.
Hard to hear if you're losing your home to foreclosure, or if your small business is being strangled due to lack of credit. Or if you're one of the thousands of working folk who's been laid off from Countrywide or are expecting your pink slip any day now from Bank of America. In fact, you might find it outrageous and immoral. But there's lots of historical precedent to back up his actions. After all, You know, Nero fiddled a nice little tune while Rome burned. Maybe Sambol can pick up some nice African drums while he's on his vacation.
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Reader Comments (Page 1 of 1)
8-03-2008 @ 12:42PM
Chris W said...
During Marie A's day the royalty all went to live in Versailles. I say the super rich all go live in Palm Beach . That way we'll know where they are as did the French revolutionaries with their guillotines.
8-03-2008 @ 1:08PM
Badabing said...
Someone find this as*hole, because I want a half million for the crooked loan I got. He can send it to me out of the 28 mill + he got while he's on vacation in Africa. Hope this jerk gets eaten by a lion.
8-03-2008 @ 2:03PM
jeffrey said...
There are no consequences to these people...It used to be called fraud. The current administration has let this go on for nearly 8 years.....The Energy Act of 2005 is shocking in what it does to our rights, ie: private for-profit corporations getting emminent domain previously reserved ONLY for the public interest and a wholesale demise of environmental protections....The financial demise by incompetent executives goes unpunished as well....Yet the hyping on financial TV programs goes on and on and on.....There is no public shame.
8-03-2008 @ 2:29PM
DOUG TYLER said...
AS A B OF A STOCK HOLDER I HOPE IT WAS A ONE WAY TICKET
8-03-2008 @ 2:45PM
HELEN GRACE said...
How about jail time? Or is fraud acceptable??
8-03-2008 @ 5:38PM
william lindblad said...
Marie never said "let them eat cake" nor is the famous quote regarding "fooling the people" from Lincoln. It is a return of what Teddy Roosevelt got rid of over 100 years ago. We are back to something between an oligarchy and a plutocracy, rule by the corrupt,wealthy elite. It is a return of the robber barons and their numbers have increased.
If we are lucky, this one might contract ebola. Bleeding to death would be fitting.
8-04-2008 @ 8:53AM
roudy11z said...
Mr. Sambol needs to be confined to a wheelchair for the rest of his life as his punishment instead of jail.He would be aware everyday of his sin.
RoudMan
8-04-2008 @ 10:43AM
Matt said...
Be accountable for you own actions. CW gave the public what they wanted and needed at the time. Money to lend. If you made the biggest investment in your life and didn't know what you were doing or you trusted someone else to advise you that this was a good loan. SHAME ON YOU........
Remember the saying. If it's sounds to good to be true. If someone held a gun to your head, then I feel sorry for you.
8-04-2008 @ 9:10PM
Pinkstaff said...
Hope Sambol gets eaten by the wildlife - I just had my identity stolen. Shame on Bank of America for buying this filth.
8-08-2008 @ 10:50AM
Belle Landry said...
As a commentary on Countrywide as an agency, I cannot expound enough upon the mismanagement and lack of professionalism of these people. We have had the recent misfortune of attempting to buy a house that was about to go into the foreclosure department. The sellers were instructed as to the procedures for attempting to sell their home themselves, we were in contract negotiations with the homeowners and Countrywide, when they chose to forward it to the foreclosure department without notifying any of the parties involved. We have secured a home loan, completed home inspection, and appraisal and been cleared for closure 10 days ago. Countrywide STILL has not assigned a "negotiator" to the loan and may lose this sale because of their incompetence. This sale would STOP a home from going into foreclosure, Countrywide could have had the mortgage paid 10 days ago, and continues to stall. Their must be some benefit to Countrywide to have this home foreclosed upon, or prolonging this process. What are their kickbacks from the federal government? If this is status quo for Countrywide, it is no wonder that they are a floundering agency. And their golden boy walks out of it on a rainbow ending with a pot of gold!? If the Federal Government is truly concerned with it's citizens and the "common man", they should go after the jugular of this Evil Empire