Countrywide ignored advice on Mozilo pay

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Someone once said of President Bush’s autocratic management style: ‘When he wants your opinion, he’ll tell you what it is.’

Evidently Angelo Mozilo (pictured) and his friends at Countrywide Financial also attended the Tell Me What I Want To Hear School of Management. This is from the L.A. Times tonight: ‘Two consultants hired by Countrywide Financial Corp. raised concerns about Chairman Angelo R. Mozilo’s lucrative pay package, but key recommendations were ignored and the company eventually hired a third advisor whose aim was to achieve ‘maximum opportunity’ for Mozilo, documents show.’

More: ‘The result was a pay contract that ‘was significantly more generous to Mr. Mozilo’ than originally recommended, according to a report released by a congressional panel Thursday.’

It’s funny how history changes over time. A couple of years ago, you might have read that the Enron scandal ushered in an era of corporate responsibility and accountability. The problem is, that didn’t happen. We all thought it would, but it didn’t. Corporate America just keeps on taking care of business. Compensation consultant came in with low numbers? Get another consultant! Same old, same old.

Your thoughts? Comments? E-mail story tips to peter.viles@latimes.com.
Photo Credit: Bloomberg News