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)
The Bottom Line
January 28, 2008
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