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U.S. markets recover from steep losses
CALABASAS, Calif., March 29 (UPI) -- Countrywide Financial Corp.'s top executives will get hefty payments in the company's merger with Bank of America, filings with U.S. regulators indicate.
Chief Executive Angelo Mozilo and President David Sambol, who built Countrywide into the largest mortgage lender in the United States before it collapsed with the housing bubble, are to receive stock next week worth $19 million, the Los Angeles Times reported.
Mozilo, who plans to retire, will trade restricted Countrywide stock for unrestricted shares in Bank of America, worth more than $11 million. Mozilo will also receive millions of dollars in deferred compensation and pension benefits as well as continued health insurance coverage.
Bank of America said in a filing late Thursday it has agreed to pay Sambol $28 million to stay with the company.
"This company was driven to the brink of bankruptcy and the individuals responsible are getting millions," said Daniel Pedrotty, director of the office of investment at the AFL-CIO. "Just when you think the situation couldn't get any worse, this company demonstrates again that they have no regard for how shareholder assets are spent."
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CANBERRA, Australia, May 23 (UPI) --
Australia has passed legislation establishing the $10 billion Clean Energy Finance Corp. to provide grants and government investment to green projects.
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NEW DELHI, May 24 (UPI) --
India's state-run National Aerospace Laboratory will work with Kadet Defense Systems to develop NAL's Hansa trainer aircraft into an unmanned airial vehicle.
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The housing inventory rose slightly in April, which is unusual in the middle of the spring sales season. The uptick may be the result of rising seller confidence and it should ease concerns that the super tight inventory levels of the last six months...
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What if Europe turned out to be the new Japan?
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