Countrywide Exec Escapes Sub-Prime Mortgage Meltdown
By Kurt O'Keefe, Attorney at Law on Oct 19, 2007 in Michigan
Consumer bankruptcies ramp up as one consequence of the sub-prime crisis.
Mortgage companies announce thousands of layoffs, which can only lead to more Chapter 7 and 13 bankruptcies.
How is the boss at Countrywide making out, as the stock price falls?
No bankruptcy for him. Oh, no. Just a little estate planning.
130 million dollars, five kids, nine grand kids. Let me see, oh, make it easy.
Ten million for each, times nine, 90 million from 130, leaves 40 million for our over-obligated CEO.
Oh, I forgot. He gets to keep his salary, too, if there is any surplus over his living expenses.
I am a stronger endorser of capitalism than your average bankruptcy lawyer.
Little difficult to see at this point how he earned this much for his employer.
Expect more of these stories as the sub-prime market continues its inevitable collapse.
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