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.