Countrywide COO cashes in bigtime

I know that there’s a good reason for this….I just know there is….

NEW YORK (Reuters) – Bank of America Corp said it has agreed to pay $28 million to Countrywide Financial Corp Chief Operating Officer David Sambol to induce him to run the merged companies’ consumer mortgage operations.

The amount, which vests over three years, is 37 percent higher than the $20.4 million that Bank of America Chairman and Chief Executive Kenneth Lewis was compensated in 2007 to run the second-largest U.S. bank.

Bank of America disclosed the amount in a Thursday filing with the U.S. Securities and Exchange Commission.

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Filed under economics, over the line, public corruption

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