Perk Walk: Countrywide Edition

The Alfred E. Neuman "What? Me Worry?" Award of the Week goes to...

Step on up, David Sambol, the soon-to-be former chief operating officer of the soon-to-be-extinct Countrywide Financial Corp.

Apparently undaunted by his company's cratering on his watch, Sambol seems to have decided to leave his cares behind him and fly off on a three-week vacation in Africa -- on Countrywide's corporate jet.

Kathy Kristof writes about the episode in the Los Angeles Times. She attributes the information to "a person with knowledge of Countrywide's flight operations, who was not authorized to speak and requested anonymity."

Sambol, being out of the country, could not be reached for comment. But before departing, he did tell Kristof: "This is a personal matter involving my family and I would like to protect my privacy." He added: "Everything I am doing is in connection with my agreements with the company."

Ah, yes, the agreement with the company. Under that agreement, Countrywide paid Sambol $10.3 million in 2007 -- a year in which the company stock plummeted 80 percent in value because of investor concern about the company's exposure to suspect mortgages.

As Bank of America prepares to swallow Countrywide's carrion, it has offered Sambol $28 million to stay on and run the combined mortgage operation.

Bank of America completed its takeover of Countrywide a month ago, but assured Sambol he could continue to enjoy the perks of his Countrywide contract, including private use of the corporate jet.

by Mark Stein