Departing Countrywide exec David Sambol said to be vacationing via company plane: 3 weeks in Africa

[Liberal_in_LA]

http://www.latimes.com/business/la-fi-countrywide2-2008aug02,0,4279484.story

Departing Countrywide exec David Sambol said to be vacationing via company plane

The outgoing president of the loss-ridden mortgage lender is taking his family to Africa on a company-owned Gulfstream IV, a source close to Countrywide says. is said to be taking a family vacation to Africa on the company plane.

By Kathy M. Kristof, Los Angeles Times Staff Writer

August 2, 2008

Is David Sambol, the departing president of Countrywide Financial Corp., taking one last joy ride on the company jet?

A source close to the company says Sambol is leaving today on a three-week family vacation to Africa on Countrywide's elegant Gulfstream IV.

"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."

Calabasas-based Countrywide nearly collapsed under the weight of defaulting mortgage loans last year, and its acquisition by Bank of America Corp. was completed last month.

Under his exit deal with BofA, the 48-year-old Sambol will be paid a severance package valued at $28 million in cash and stock, plus a host of fringe benefits, including access to the company jet for both business and personal travel as long as he is employed.

[NanceGreggs]

1. I am as willing and able to be as incompetent ...

... as this guy was. Will someone please offer me a job?

:shrug: