Bank of America—finally—said it won’t keep Countrywide’s president after it acquires the sloppy lender, the Los Angeles Times and WSJ report. The exec, David Sambol, will get $28 million for getting pushed out the door.
The LAT has our What Is a Bottle Washer? Quote of the Day, from Senator Chuck Schumer:
“Countrywide did more to contribute to the sub-prime mortgage crisis than anyone else,” Schumer said. “It always amazed me that Bank of America, which has a fine reputation, would want to keep someone who was in effect Countrywide’s chief cook and bottle washer on the scene.”