One last joy ride for Countrywide President David Sambol?

The Times' Kathy Kristof reports that departing Countrywide President David Sambol will be using the embattled mortgage lender's corporate jet to take his family on a three-week vacation in Africa, according to a source close to the company.

Sambol, who was among those axed by new parent Bank of America, wouldn't confirm or deny the trip. He tells Kristof:

"This is a personal matter involving my family and I would like to protect my privacy," Sambol said, adding that "everything I am doing is in connection with my agreements with the company."

When BofA's purchase of Countrywide was first announced, it looked like Sambol, 48, would be staying on as head of the mortgage division -- effectively taking over for Angelo Mozilo, Countrywide's founder and CEO. But then BofA revoked the decision before the deal was completed this summer.

Sambol, who earned $10.3 million last year, will be getting a $28-million severance package, plus a host of fringe benefits, including access to the company jet for both business and personal travel as long as he is employed, Kristof reports. He is leaving the company shortly.

BofA had no comment.

-- Annette Haddad

Photo credit: Countrywide

Questions? Comments? E-mail: annette.haddad@latimes.com

Comments

[Brad]

THIS...IS...INSANE.

$28M + bene's? Obviously not performance-based compensation. Sambol must have been the *very best* friend of Angelo.

If BofA is walking away from CountryFried's debt obligations, then why not this one?

[NevdaGal]

On a practical note:

When did CW start doing business in Africa? Company use of jet for personal use is bad enough, but when it is going to a bloody continent off the company's business radar is just fricken thievery.

Sambol, why not fly to Antartica or the North Pole?? You can steal the most money from CW/BOA if you go to those destinations.

Hopefully, they have to make an emergency landing in Darfur, Sudan.

Rot in Hell, Sambol.

[aj]

Hi Pete,
It has been a while since I posted but this one got my goat! Disgusting.
He will be protected because he has his "agreement".
But still, disgusting and to have negotiated to use a corporate jet to only transport his family is terrible.
Some people have no morals or integrity just self serving.
It hit home also because I spent two years of my childhood in Pretoria, South Africa. Many moons ago but I have fond memories.
AJ

[upthecreek]

one last suck at the pump..
what a scumbag.

say hi to Angelo on your stop in the south of France

[Riverside McMansion Owner]

Pete,

Whatever was done to your blog to make it slower than a bank's short sale offer response needs to be reversed asap!

[Laker]

I don't understand by the tax payers have to bail out the banks (BofA is one of them) and at the same time, the (ex) president is spending millions in private jets for vacations and getting 28 Million to boot his early retirement at 48 years old.
WTF?
This guy should get the federal minimum wage like CA governor did for all state employees since there is no money.
Same for this guy. Sambol has to make $6,50 per hour - that is it.

[Bobsuruncle]

Can the pilots leave him there?

[syscom3]

We live in an alternative universe.

The executives who bankrupt their companies are rewarded handsomely and the taxpayers pay the bill!

[Screw]

I don't get it. He screws up,but makes $10 millions and gets another $30 millions to leave. We as the taxpayers end up paying for his vacations and salary when they need us to bailout them out. Something isn't right. Why does Fannie Mae and Freddie Mae even need our tax dollar when the CEO's are making $20 millions a year!!!

[MyLessThanPrimeBeef]

Isn't now the height of the Tse Tse fly mating and feeding season in Africa?

Perhaps the Nile Perch is not the last nightmarish animal to visit that continent at all. Someone should make a movie about this.

[E]

Notice how you never hear from the housing bulls or realtors on threads like this other than to say something like....

"He earned it!"

"Lay off him!"

"You bubbleheads are so mean!"

Well...let's just say that I wouldn't have a bit of sympathy if his children were kidnapped over in Africa and sold into white slavery.

That would be sweet!

If they tortured the family...bonus points.

[sheila]

But wait, you guys were slamming the AG of San Diego recently, who is the only one who has had the guts to sue these guys personally for the massive fraud they perpetrated on this state for personal profit. Remember? Peter framed it using the highly inflammatory "foreclosure sanctuary" quote, but you all clicked through and read the article, right? Right? so you know it was REALLY about a big lawsuit against these lying, thieving scumbags? oh, never mind.

here's the money quote:

"Aguirre's lawsuit, brought in the name of the people of California, names four current and former Countrywide officers, including former CEO Angelo Mozilo, and alleges they personally profited from selling shares of the lender's stock while knowing its subprime loans did not comply with company policies.

"The Countrywide executives who originated these subprime loans were engaged in a massive fraud on homeowners, borrowers and investors," Aguirre said. "They enriched themselves by over $1 billion."

[Steve]

One more reason I will never buya stock in an Amercan company.The moron and his friend Angelo destroy billions in capitalization and then as a final gesture screw the CS stock holders again for a few million in under the table transactions and these are the only ones you hear about. I buy rental houses only that I control. How sad like GE, HD, HP, Qwest the CEO that runs the companyin to the ground leaves with millions and the stock holder gets screwed again. McCain is so stupid he appoints Carly as his economic advisor who so mismnaged HP so bad they paid her $128M to leave. Way to go idiots and only in America.

[Lou]

David Sambol is a criminal. He forced Countrywide employees to puch negam loans onto people even if it wasn't in their interest.

I guess paying off Sen Dodd and Sen Conrad worked for him.