So Much For Performance Pay

Countrywide Financial was one of the leading caused of the subprime mortgage crisis that has thrust the United States and the world economy into a recession. So, the man responsible for this dreadful economic mistake has been punished horribly by the markets for his inastute business judgment, right? Of course not.

Countrywide Financial's CEO Angelo Mazilo made $121.5 million in 2007 from exercising stock options under a Rule 10b5-1 plan. He also received $22.1 million in compensation -- $1.9 million in salary, $20 million in stock and option awards, no bonus. Countrywide, in contrast, lost $704 million, and its shares declined 79%.

From here.