LA Biz Observed
 
Bio • Email • Archive
 

 

Well, how else do you describe David Sambol, the departing president of Countrywide Financial, who apparently is using the company's Gulfstream IV jet for a three-week family vacation to Africa? Sambol did not dispute the account. Here's what he told the LAT's Kathy Kristof, who broke the story: "This is a personal matter involving my family and I would like to protect my privacy." Oops. Aw, heck, let’s just go ahead and link to his picture (smile!). It is worth noting that as part of his severance package with Bank of America, which has taken over Countrywide, Sambol will be paid $28 million in cash and stock. He can also use the company jet for both business and personal travel as long as he is employed. Last year, Countrywide shelled out $62,000 for Sambol's personal use of the company plane. Outrageous as all this might seem, it's part of an employment agreement that the boards of Countrywide and now B of A had signed off on.

> | More
© 2003-2011   •  About LA Observed  •  Email the editor
Mark's latest news
and commentary
 
 
LA Biz Observed
by topic
Economy and jobs
Media, books & Hollywood
Politics and labor
Travel, food and life
Technology
Land and real estate
Wealth and poverty
 
 
New at
LA Observed
 
6:50 PM Thu | Largest crowd for a Walk of Fame star ceremony that many could remember, outside the Capitol Records tower on Thursday. Photo by Gary Leonard.