Let them eat cake: Ex-Countrywide exec takes family on African Vacation ... on Countrywide's jet


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.

Reader Comments (Page 1 of 1)

Symbol Lookup
IndexesChangePrice
DJIA+41.1312,842.36
NASDAQ+20.592,924.47
S&P 500+5.441,348.08

Last updated: February 13, 2012: 10:38 AM

Hot Stocks

General Electric

18.955+0.08(+0.42)

Alcoa

10.325+0.035(+0.34)

Apple Inc

499.16+5.74(+1.16)

Google Inc 'A'

611.79+5.88(+0.97)

Bank of America

8.25+0.18(+2.23)

Wal-Mart Stores

61.91+0.01(+0.02)

Exxon Mobil Corp

83.95+0.15(+0.18)

Ford

12.585+0.145(+1.17)

Citigroup

33.46+0.535(+1.62)

IBM

192.48+0.06(+0.03)

Yahoo

16.10-0.04(-0.25)

Starbucks

49.08+0.26(+0.53)

Microsoft

30.565+0.07(+0.23)

Home Depot

45.75+0.42(+0.93)

DailyFinance Headlines

Benzinga Headlines

TheFlyOnTheWall.com Headlines

BioHealth Investor Headlines

WalletPop Headlines

DailyFinance BlackBerry App

My Portfolios

Track your stocks here!

Find out why more people track their portfolios on AOL Money & Finance then anywhere else.

BloggingStocks Partners

More from AOL Money & Finance

BioHealth Investor Headlines

Page Loaded in 1329147493439 ms.