• Font Size    

More From CBS 2/KCAL 9

Celebrity Suicides
E-mail

Close Window E-mail This Page

Countrywide CEO Made $132M In 2007 Pay, Stock Sale

Required fields are marked with an asterisk(*)

The information you provide will be used only to send the requested e-mail and will not be used to send any other e-mail communications. Read more in our Privacy Policy

Send E-mail

   Print     Share +   
Apr 25, 2008 6:28 am US/Pacific

Countrywide CEO Made $132M In 2007 Pay, Stock Sale

CALABASAS, Calif. (AP) ― A securities filing shows Countrywide Financial Corp. CEO Angelo Mozilo earned some $10.8 million in total compensation and cashed out $121.5 million in stock options last year.

The compensation disclosed in the Securities and Exchange Commission filing released Thursday represents an 80 percent cut from the 70-year-old's total pay in 2006 of about $51 million.

The Calabasas-based company reported a yearly loss in 2007 of $704 million amid the nationwide mortgage market meltdown.

It agreed in January to be acquired by Bank of America Corp. for $4.1 billion in stock.

The SEC has been scrutinizing the timing of Mozilo's stock sales. Mozilo has said he's cooperating with the inquiry and has denied making any improper trades.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

More From CBS 2/KCAL 9

You need the latest Flash player to view video content.
Click here to download.

Click here to bypass this detection if you already have the latest Flash Player.

Business - Money 101

Top News Stories

© MMIX, CBS Broadcasting Inc. All Rights Reserved.