It is not as if the president of Countrywide (NYSE: CFC) has a lot of employment opportunities now that the mortgage bank has come near collapse and been sold to Bank of America (NYSE: BAC). Nevertheless, the big bank felt compelled to pay chief operating officer David Sambol a total of $28 million over three years to stay on.
According to Reuters :"The amount, which vests over three years, is 37 percent higher than the $20.4 million that Bank of America Chairman and Chief Executive Kenneth Lewis was compensated in 2007 to run the second-largest U.S. bank."
Call it a disappointment. Sambol was one of the senior officers at Countrywide who pushed for greater subprime lending to poor borrowers who could not make payments. Certainly, Bank of America must have someone in its mortgage operation who could take over.
But, rank has its privileges. Bank of America would probably like someone experienced to clean up the mess. The shame of its is that Sambol could not get a job as dog-catcher in the open market.
Douglas A. McIntyre is an editor at 247wallst.com.
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