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.