For CEOs, failure can be lucrative

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Compare Castello's situation with that of Angelo Mozilo, the well-tanned chief exec of mortgage lender Countrywide Financial Corp.

After driving his company to the brink of bankruptcy (or so the rumor mill had it last week), Mozilo now stands to make as much as $115 million in severance-related compensation if an acquisition of Countrywide by Bank of America goes through, which it almost certainly will.

Accountability? We should all be so lucky.

"What's particularly egregious is that he's walking away with millions of dollars as people are being forced out of their homes because they can't make their mortgage payments," said Dan Pedrotty, director of the AFL-CIO's office of investment.

http://www.latimes.com/business/la-fi-lazarus13jan13,1,239169.column?coll=la-headlines-business&ctrack=4&cset=true