On the links with Dave and Angelo

Ever wonder about those big shot members of Sherwood Oaks Country Club, that glorious bit of real estate in Thousand Oaks where Tiger Woods hosts the Target World Challenge golf tournament each December? Hint: Countrywide Financial is one of the major sponsors. So yeah, there's Countrywide Chairman Angelo Mozilo, who has enough money to build his own country club (several, no doubt) - and now his recently promoted No. 2, David Sambol. Michaelle Leder over at footnoted.org came across Sambol's employment agreement that included a $2.62 million "promotion bonus." Sambol received the bonus at the end of January, just around the time Countrywide stock started to dive as a result of the subprime mess. Countrywide doesn't appear to be in any serious financial trouble - certainly not on the order of New Century Financial - but it's a major subprime lender, so there's been some equity damage. Anyway, the employment agreement includes all membership fees and dues at Sherwood, as well as any "company-related charges in accordance with the company's normal policy regarding expense reimbursement." No details were provided in the 8K, but I suspect we're talking about more than a couple of burgers and beers in the clubhouse. Mozilo belongs to Sherwood, of course, along with the Quarry Country Club in Palm Springs and the Robert Trent Jones Golf Club in Gainseville, Va. All are paid for by Countrywide, which is one heck of a perk for a guy who made almost $70 million last year (and $160 million over a five-year period).