Tomorrow Countrywide CEO Angelo Mozilo gets grilled before Rep. Henry Waxman's House Oversight and Government Reform Committee. The theater has started today, as the Muckraked blog has obtained the commitee's report on the millions reaped by Mozilo and other financial titans who lost shareholders billions through bad mortgages. (Muckraked appears to be overwhelmed with traffic. Here is a good summary on Salon. AP has also obtained the report. )
Last year Mozilo got $120 million in compensation and sold stock in buckets while Countrywide deteriorated, the report says. Here is an especially touching detail from a note Mozilo wrote to a compensation consultant concerning his pay. The biggest fools are the ones who believe their own BS.