Randomness (r_ness) wrote,

  • Mood:

Advice to graduating seniors.

Yesterday I mentioned to dpolicar my advice to graduating seniors:

"You can do anything you want with your life. Yes, anything. I mean, you can even graduate and go rob banks if you want to. Just remember that there are consequences.

(If you do decide to rob banks, I strongly suggest you do it in the time-honored way of becoming the CEO and looting the thing from inside. It's a long-term strategy, but it has the advantage of being legal.)"

(As a matter of fact, I seem to remember saying this almost verbatim, to emilymorgan a couple of years ago.)

Today comes the latest example of what I mean. From http://bigpicture.typepad.com/comments/2008/01/mozilo-payday.html:
Nothing like a combination of reckless lending standards, aggressive stupidity and irresponsible behavior being rewarded.

For pushing no doc, no money down loans, emphasizing the sub-prime market, oh, and dumping $414 million of Countrywide shares before the stock tanked 85%, Countrywide Financial CEO Angelo Mozilo stands to get a severance package valued at more than $110 million, according to this LA Times blog (http://latimesblogs.latimes.com/laland/2008/01/mozilo-severanc.html).

Forget SEC investigations and shareholder lawsuits -- where are the townspeople with pitchforks and torches?

I guess after building up Countrywide over 40 years, he gets some sort of a pass. I don't understand why . . .
Nice payoff, even if it did take him 40 years. Sure pays better than sticking up bank branches.

Edit: Mozilo joins such illustrious ex-bankers as Stanley O'Neal of Merrill Lynch ($161.5 million) and Charles Prince of Citicorp ($94 million) who "resigned" in the 4th quarter of 2007. (sources: http://money.cnn.com/galleries/2007/fortune/0712/gallery.101_dumbest.fortune/5.html and http://www.nytimes.com/2007/11/03/business/03bank.html)
Tags: money
  • Post a new comment


    default userpic

    Your reply will be screened

    Your IP address will be recorded 

    When you submit the form an invisible reCAPTCHA check will be performed.
    You must follow the Privacy Policy and Google Terms of use.