CNBC is reporting that orange midget Angelo Mozilo will get a $36 million severance package, after cashing out hundreds of millions in stocks while shareholder funds were being used to repurchase the stock, and while thousands of Countrywide employees have been or will be laid off.
This B of A deal is probably good money after bad. B of A goes from being one of the cleaner banks on the Street to being one of the dirtier banks. It is a nice bailout for the taxpayers and the Federal Home Loan Bank of Atlanta, though, which would have been on the hook for $50 billion if CFC had gone bankrupt.
UPDATE: $36 million? Oh, no. It's far worse than that.
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