Up is down. Left is right... Countrywide boosts execs' bonuses

[Earth_First]

LOS ANGELES (AP) -- Countrywide Financial Corp. has sweetened annual bonus awards for a handful of its top executives as an incentive for them to remain with the mortgage lender as it goes through the process of being acquired by Bank of America Corp., according to regulatory filings Thursday.

Countrywide (CFC, Fortune 500)'s compensation committee has approved retention awards of cash and cash-settled restricted stock units for David Sambol, president and chief operating officer; Eric Sieracki, executive managing director and chief financial officer; Ranjit Kripalani, executive managing director, Capital Markets; and, Carlos M. Garcia, executive managing director, Banking and Insurance, according to the filing with the Securities and Exchange Commission.

The bonus portion of the incentive packages range between $2.5 million for Kripalani and $1.45 million for Garcia. The executives must remain with the company through at least March 15, when the bonuses are to be paid, according to the filing.

In this latest action, Countrywide's compensation committee did not designate a retention incentive bonus for Countrywide Chairman and Chief Executive Angelo Mozilo.

http://money.cnn.com/2008/01/17/news/companies/countrywide.ap/index.htm?postversion=2008011722

:puke:

[tekisui]

1. Perfect example of what's wrong.

:mad:

[Echo In Light]

2. Business {travesty} as usual

[blondeatlast]

3. Number 4387 in a series of why the financial industry needs stricter regulation. nt

[RB TexLa]

4. You want what they can pay their employees regulated?

[blondeatlast]

10. They already are from the bottom. I'm good with it from the top as well. nt

[RB TexLa]

14. You want the government to be able to cap people's wages?

Have you really thought that out? I'm sure there are a number of employers who will join with you.

[JNelson6563]

5. At least they increased our chocolate rations

up from 8 grams to 6. ;-)

Julie

[Echo In Light]

7. Share yours with a comrade during the "Two Minute Hate!"

[laylah]

6. Well ffs!

Do ya think they might donate $60k to me or forgive my mortgage with them? Either would be acceptable...greedy bloodsuckers!

[SammyWinstonJack]

8. Rewarding bad/greedy behavior. How very Republican!

:evilgrin:

[OneGrassRoot]

9. It's maddening, sickening, repulsive, repugnant.....ughhhhh. n/t

[lapislzi]

11. What do they care? For them it's a win-win

They're safe in the arms of Bank of America. If the execs defect, they don't have to pay the bonuses. If the execs defect on March 16, they're insulated.

To quote Heinlein: People who go broke in a big way never miss any meals. It is the poor jerk who is shy a half slug who must tighten his belt.

Now go about your business of shopping. Nothing to see here, folks. :sarcasm:

[NewJeffCT]

12. so, when all the staff leaves and only those few execs are there...

who will do all the work?

I'm guessing the "back office" people like accountants, I/T, etc didn't get any incentives to stay with the company.

[originalpckelly]

13. We all know what that committee is compensating for, now don't we?

:P

"Their teeny, tiny, itty, bitty. little..."