Countrywide Financial Corp. (NYSE: CFC) CEO Angelo Mozilo's woes continue to mount, to the extent that woes can mount for someone who has sold hundreds of millions of dollars worth of stock in the past few years.

First, the SEC began an investigation of Mozilo's stock sales, then Senator Charles Schumer asked that the investigation be expanded to include the company. Now CtW Investment Group, a leading pension-fund advisory group, is calling for Mozilo's head.

The Wall Street Journal received a draft of the letter and quoted part of it (subscription required). CtW writes that Mozilo "has failed to provide leadership as the company attempts to navigate its way out of the current U.S. mortgage crisis. Indeed, Mr. Mozilo's decision to increase the frequency and magnitude of his stock sales has not only sent the wrong signal to Wall Street and investors, but brought increased regulatory scrutiny to the company at a time when it can least afford it."

CtW is exactly right. But Mozilo is a throwback to the glory days of the imperial CEO, and I doubt any well-reasoned argument from an advisory firm will persuade him to give up his throne. A huge severance package? Perhaps.

Despite some improvement, the private equity folks are having some problems. Just take a look at the implosion of deals like Harman (NYSE: HAR). And, of course, major Wall Street banks are taking massive write-offs for problematic buyout loans.

Oh, and there's something else; that is, private equity firms also must deal with a possible tax hike. In fact, Senator Charles Schumer plans to introduce a bill on the matter according to Bloomberg.

Even if dealmaking slows down, a private equity surcharge could be a nice source of revenues. With current rates at only 15%, there is certainly lots of opportunity for Congress to soak.

Interestingly enough, Schumer is not too optimistic about his bill. That is, he thinks that President Bush will use his veto pen.

But, I have a feeling the tax issue won't go away. Simply put, it's just too big to ignore. And, no doubt, I'm sure private equity heavies are paying some big bucks for their tax advisers to gin up some creative strategies.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates DealProfiles.com.