Friday, March 07, 2008
It's easy when you make the rules.
I have a friend at work who is always going off on the lush pay packages for CEO's and others of their ilk. I am definitely going to share this article from the LA Times with him.
Two consultants hired by Countrywide Financial Corp. raised concerns about Chairman Angelo R. Mozilo's lucrative pay package, but key recommendations were ignored and the company eventually hired a third advisor whose aim was to achieve "maximum opportunity" for Mozilo, documents show.When you only hire those people who say what you want to hear, then soon the only people working are those who say what you want to hear.
The result was a pay contract that "was significantly more generous to Mr. Mozilo" than originally recommended, according to a report released by a congressional panel Thursday.
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