Pay for Performance

PAY FOR PERFORMANCE….Think there are only losers from the subprime lending debacle? Don’t be a chump:

Countrywide Financial Corp. founder Angelo Mozilo, one of the nation’s highest-paid chief executives, stands to reap $115 million in severance-related pay if his troubled company is acquired by Bank of America Corp., regulatory filings show.

Free rides on the company jet are also included in Mozilo’s departure deal, and the company will pick up his country club bills until 2011.

Ain’t life grand?

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