"On Friday, The Los Angeles Times estimated that Mr. Mozilo’s severance pay could be worth roughly $115 million. That figure includes a $24 million lump sum pension payment and $3 million in compensation for stock options and stock grants. In the event of resigning or being fired, Mr. Mozilo’s contract with Countrywide also guarantees him a payout of three times his current base salary, plus a cash bonus equal to whatever is greater: his last bonus or the average of the previous two years’ bonuses.No idea why.
In case you lost track of all those calculations and stipulations, that total is a tidy $87.9 million, The Times reported.
Given the well-publicized misery of subprime borrowers who have lost their homes, it’s not surprising that that generous figure drew some outraged reactions."