This guy has no shame

Well, how else do you describe David Sambol, the departing president of Countrywide Financial, who apparently is using the company's Gulfstream IV jet for a three-week family vacation to Africa? Sambol did not dispute the account. Here's what he told the LAT's Kathy Kristof, who broke the story: "This is a personal matter involving my family and I would like to protect my privacy." Oops. Aw, heck, let’s just go ahead and link to his picture (smile!). It is worth noting that as part of his severance package with Bank of America, which has taken over Countrywide, Sambol will be paid $28 million in cash and stock. He can also use the company jet for both business and personal travel as long as he is employed. Last year, Countrywide shelled out $62,000 for Sambol's personal use of the company plane. Outrageous as all this might seem, it's part of an employment agreement that the boards of Countrywide and now B of A had signed off on.


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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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