Let them eat cake: Ex-Countrywide exec takes family on African Vacation … on Countrywide’s jet

Some things never change.

David Sambol, the out-going president of kaput mortgage giant Countrywide Financial Corp., is taking his family on an African vacation — on Countrywide’s Gulfstream IV.

Yes, the guy in charge of the company that sold hundreds of thousands of suspect mortgages to people who couldn’t afford them is leaving on a jet plane, for a nice three-week-long vacation in Africa with his family.

But you know, it’s been a stressful year for Mr. Sambol, what with his company nearly collapsing and that stressful fire sale to Bank of America (NYSE: BAC). Not to mention being hauled before Congress to account for his part in helping facilitate the global credit crisis.

Marie Antoinette would have understood completely. “Let them take a vacation,” she would have said. “An African safari would be nice. The kids will love it.”

Sambol got about $9 million in stock as part of his package when Bank of America bought Countrywide for $4 billion in January, and another $28 million in cash and stock for staying with the company until the purchase was complete, according to news reports and SEC filings. As part of his exit deal, Sambol gets use of the company jet for business and personal reasons as long as he is employed. Bank of America will also also continue to pay his country club dues, according to filings.

Hard to hear if you’re losing your home to foreclosure, or if your small business is being strangled due to lack of credit. Or if you’re one of the thousands of working folk who’s been laid off from Countrywide or are expecting your pink slip any day now from Bank of America. In fact, you might find it outrageous and immoral. But there’s lots of historical precedent to back up his actions. After all, You know, Nero fiddled a nice little tune while Rome burned. Maybe Sambol can pick up some nice African drums while he’s on his vacation.

2 Responses

  1. Well stated indeed. These guys are all crooks, and we’re the ones paying for it. Fly a private jet to Africa for a family vacation? Yes, by all means, do it on the money you’ve stolen from all of us. Just remember, karma is a real b*tch.

  2. Once again, we the commoners do not have a
    F O A
    Friends of Angelo Club, that may bribe our officials with preferential treatment. And we must understand that we are the ones that need to change the paradigm, We must start participating in the decisions and discussions of Congress, Senate, WHITE HOUSE, Legislative Branches, and local governments.

    The challenge is to turn the tide, the big banks and investment bankers put a lot of money into the politics and financial decisions of our country, and we take it ever so lightly. We need to start by fighting back. The day when one of our wonderful crooked lenders and investment banks has its license revoked and is forced to shut down for all the fraud, discrimination, unfair and deceptive practices, that day the rest of them will realize that the game may be over.

    By the FDIC having taken over Indymac after they lost their liquidity, only comes to reaffirm that the FDIC came late into the game, why was not their intervention prior to the crisis? why wait until it is too late?.

    These guys have set up their golden club house with all the perks of a King, these guys believe they are above the law, because they have the money to pay for the legal fees and they can also afford to contribute to the political campaigns of all those politicians that believe in getting our votes to get elected but they have accepted money from the people that know that their time may come up sooner or later when they will need a political favor.

    Is it illegal to bribe a government official to get special treatment?

    Is it illegal and unethical for a government official to get preferential treatment and gifts
    from lobbyists and interest groups?

    We must realize that we need to fight back and bring all these issues to light, we need to be outspoken and let everyone know that business as usual is over.

    We must make these crooks accountable for the ruin of our economy and our country, our families, our retirements, our investments.

    We must keep up the effort and not let up.

    How many of you have gotten your share of the $20,000,000,000.00 that were given to “Bear and Crooks”?.

    Did you get a call from congress asking you if it was OK to give that money away?

    Has any one of these congress people ask you to bail you out?, I guess none of us is a fat corporate cat.

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