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Mozilo's reward is an outrage

January 20, 2008

Regarding "For CEOs, failure can be lucrative" (Consumer Confidential, Jan. 13), on Countrywide Financial Corp. Chief Executive Angelo Mozilo:

As writer David Lazarus described, Mozilo concealed from the public and stockholders the impending disaster while playing financial tricks with the stock and his stock options to suck out $150 million in cash for himself.

Now Countrywide will be bought by Bank of America, and Mozilo stands to be get another huge bonus: a $115-million severance package.

Lazarus hints at but didn't ask the bottom-line question. Is there any limit to what people like Mozilo can get away with? Is there any way to rein in such overpowering greed and selfishness? Does anyone speak for the victims of people like Mozilo?

Joel Amkraut

Los Angeles

Regarding "Mozilo could reap $115 million," Jan. 11, contrasted with the Barbara Knox obituary, "Waitress was given L.A. diner when owners retired," Jan. 12:

On Friday, I was sickened to read how Countrywide's chief executive will be compensated $115 million for a company he ran into the ground while middle-class employees are losing their jobs and homeowners, who trusted Countrywide, are losing their homes. It feels so greedy and selfish.

On Saturday, I felt so positive after reading Knox's obituary, a waitress who had worked at the Quickie Grill for 33 years and, for her loyalty and service, was given the restaurant by the owners, Lou and Anita Shulkin, when they retired. That gesture secured Knox's future.

Where have the employers gone who believed that their employees were the company and without them business could not survive?

Debbie Wright

Rancho Santa Margarita

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