Countrywide CEO Angelo Mozilo, under pressure from shareholders and Congress, agreed to give up $37.5 million in severance pay, fees, and other rewards. Bank of America has agreed to buy Countrywide for $4.1 billion. Countrywide shares have plummeted in the past year, and Mozilo has drawn criticism for cashing in his company stock as the mortgage market fell. (AP in Yahoo! Finance)
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The Bottom Line
January 28, 2008
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