Obama Calls Countrywide Exec Payouts “an Outrage”


Responds to reports that the CEO and president of the nation’s top subprime lender will get combined $19 mil in stock next week as part of company’s pending takeover by Bank of America.

“These executives crossed the line to boost their bottom line. We should be reprimanding them, not rewarding them. Rewarding their bad behavior just encourages others to pursue the same kinds of irresponsible practices that led us into this financial mess in the first place.”

Full statement here.

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