What would you do with $110 million?

 Today it was announced that Bank of America will scarf down purchase Countrywide Financial in order to bail Countrywide out from its subprime mortgage mess.

For Countrywide, a takeover by a financially robust suitor is "a gift from heaven," said banking industry analyst Richard Bove of Punk, Ziegel & Co.

 In particular, it will be a gift from heaven for (presumably outgoing) Countrywide's CEO, Angelo Mazilo.  In true Wall Street fashion, Mazilo will have to "suffer" the consequences of having guided the bank into such a loss position by garnering a severance package of a mere $110 million.  And that doesn't include some extra perks.

The Times reports Mozilo would receive continuing health benefits for life for himself and his spouse, three years of life and financial planning benefits, and "tax-gross-up payments" to compensate him for any penalties he'd have to pay for receiving payments the IRS might consider excessive.

But will Mazilo be able to hold onto that payment?

Countrywide's lending practices are under investigation by California Atty. Gen. Jerry Brown and the Illinois attorney general's office, and the Securities and Exchange Commission is looking into potentially improper trading by insiders, most notably Mozilo, who sold more than $140 million of stock before the price began tanking last year.

If that happens, he might have to draw down his savings from prior year income.

Mozilo, 69, its brassy, Bronx-born chief executive, came to personify the spectacular success many housing-related businesses enjoyed during the boom years. He was one of the highest-paid executives in America in 2005 and 2006, taking home $160 million and $120 million, respectively, mostly in stock option gains.

•  tips for my severence package

  by FoundingFatherDAR on Fri Jan 11, 2008 at 01:27:29 PM PDT

•  I'd invest my $110 million in the stock market

  and turn it into a cool $50 million in no time.

  by NoBigGovernment on Fri Jan 11, 2008 at 01:29:03 PM PDT

•  I could

  help a lot of folks here in my village with more than the eggs that I give to them.

  by mango on Fri Jan 11, 2008 at 01:29:19 PM PDT

•  up to my nipples

  in supermodels and blow.

  "after the Rapture, we get all their shit"

  It's time: the albany project.

  by lipris on Fri Jan 11, 2008 at 01:30:26 PM PDT

  •  Why stop at your nipples? n/t

    by boran2 on Fri Jan 11, 2008 at 01:57:07 PM PDT

•  I'd spend most of it

  on fast cars and faster women.  The rest I'd probably squander.

  by jazzmaniac on Fri Jan 11, 2008 at 01:34:55 PM PDT

•  Quit my job...

  ...two years early. Spend time becoming a budding philanthropist.

  by JeffW on Fri Jan 11, 2008 at 01:43:38 PM PDT

•  space tourism

  an epiphone archtop

  the best steak money can buy (just once)

  a bunch of scholarships

  by VelvetElvis on Fri Jan 11, 2008 at 01:49:38 PM PDT

  •  I once had a Kobe steak

    at a fine restaurant in Bangkok. That was the once-in-a-lifetime steak. Thirty years ago and I still remember it. (sigh)

    by Caneel on Fri Jan 11, 2008 at 02:24:43 PM PDT

•  Easy

  (quoting "Office Space":

  Two chicks at the same time.  

  by The Big Boss Man on Fri Jan 11, 2008 at 01:52:44 PM PDT

•  spay and neuter

  every homeless animal in the US.

  And use what was left over for a lifetime of fuzzy mice, catnip and chew toys for the furbabies.

  by lcork on Fri Jan 11, 2008 at 01:57:25 PM PDT

  •  Can we have a spay, neuter, and release program--

    --for homeless politicians?

    :)

    by PeterHug on Fri Jan 11, 2008 at 02:18:23 PM PDT

    •  GUFFAW!!!!!!!!!!!!!!!!! N/T

      by Caneel on Fri Jan 11, 2008 at 02:25:43 PM PDT

•  If any board members of BoA are reading this...

  I am available to replace Countrywide's CEO and manage it as a division of Bank of America.  In return for a one-time payment of only $55 million, I pledge to deliver results that are at most half as bad, and then go away without any further commotion after, one year.

  In order to demonstrate the depth of my commitment to this job, I am prepared to pay for my own healthcare--and my company car is certainly an item that is negociable.

  I can be reached at the email found in my profile; I am available for interviews at a per diem of $100,000 (a savings of 50% over my salary requirement), plus expenses.

  Thank you for your consideration, and have a nice day.

  by PeterHug on Fri Jan 11, 2008 at 02:17:19 PM PDT

  •  Oh, and as far as what I would do with the moolah

    --if hired, I would like to assure you that I will use the money to "do good".  Really.  Trust me.

    by PeterHug on Fri Jan 11, 2008 at 02:21:52 PM PDT

  •  And I'd like to offer my services as

    head of the tax department.  Resume showing my 25 years of experience in the real estate and financial institution (mortgage banking in particular)  industries available upon request.

    by FoundingFatherDAR on Fri Jan 11, 2008 at 02:55:06 PM PDT

•  take care of friends and family

  I would take care of so many people.

  by Irish Patti on Fri Jan 11, 2008 at 02:17:48 PM PDT

  •  My, how selfish. <snark> ;-)

    by FoundingFatherDAR on Fri Jan 11, 2008 at 02:55:53 PM PDT

•  help pay off the mortgages

  of every sustainable farm in MA...invest in community cooperatives in rural areas...I'm too old for fast women, I couldn't keep up.

  by farmerchuck on Fri Jan 11, 2008 at 02:18:49 PM PDT

•  Are you giving?

  I'd sure like a piece of that to bring my family (4 adults, six children) down to the Caribbean. I would rent a villa on St. John for two weeks ($8,000 to $10,000 for 11 people) and pay their airfare and all costs for food with a little thrown in for souvenir shopping.

  The rest I would donate to the campaigns of progressive candidates -- or set up a think tank to feed support to progressive candidates.

  There. I've written it down. My wishes are now "out there."

  by Caneel on Fri Jan 11, 2008 at 02:21:10 PM PDT

•  Instantly bail on this country!

  I have stayed here for the opportunity, not the freedom.  You can have more freedom elsewhere, monied, than you can ever have here, middle class.  And to paraphrase mango, I'll find a village that I can donate a lot more than eggs to.

  by Arsenic on Fri Jan 11, 2008 at 02:23:23 PM PDT

•  What?

  Some corporate fat cat got rich off of the misery of others, to the tune of hundreds of lifetimes worth of wealth? Say it ain't so!

  Since we're asking, here's what I'd do with $110 million:

  $35 million for taxes ($45 million minus the $10 million in tax deductions.)
  $8 million for a foundation for scholarships for inner city youth in Chicago IL (tax deductible).
  $2 million trust fund for the lodge (tax deductible).

  $20 million high-dividend utilities
  $10 million AAA rated bonds
  $10 million for a VC fund to develop renewable energy in Eastern Oregon.
  $10 million for a VC fund to develop high-tech business in Portland OR.
  $1 million each for trust funds for my mother, my brother, my two nephews, my two first cousins, my older first cousin's two kids, my mother in law and my best friend.
  $4 million for one residence each in Portland OR, Chicago IL, New Orleans LA and Salt Lake UT
  $1 million for whatever the hell we want. (Why not? We're rich!)

  by maxomai on Fri Jan 11, 2008 at 02:37:46 PM PDT

•  I would open a lobby firm

  and begin buying politicians and judges

  by joeshwingding on Fri Jan 11, 2008 at 02:39:42 PM PDT

•  Whatever I'd do it would be quiet,

  behind the scenes and yes, I'd love to have my own Senator and some judges........

  /tee hee

  by LNK on Fri Jan 11, 2008 at 03:25:58 PM PDT