Fit for Presidents and Kings…

March 30, 2007

images-17.jpegA quick glance at the site for the Sherwood Oaks Country Club in Thousand Oaks, notes that it is “fit for Presidents and Kings”, which is probably a much better marketing tool than “fit for executives of troubled sub-prime mortgage companies.”

But judging by the employment agreement that Countrywide Financial (CFC) filed late yesterday, that’s part of the package that David Sambol, the No. 2 executive at Countrywide, received. Sambol’s deal, which was signed back on Jan. 1 before Countrywide’s stock began to tank, but inexplicably included in the 8K filed yesterday, also included a $2.62 million “promotion bonus”, which Sambol received at the end of January, right before the stock began to fall off the cliff.

Sambol’s contract doesn’t put a price-tag on the Sherwood membership and the club’s site is too discreet to put a price-tag out in the open. But Sambol will be in good company on Sherwood’s links. Countrywide co-founder Angelo Mozillo also belongs to Sherwood. And when Mozillo gets tired of that course, he also has company-paid memberships at two other courses according to his employment agreement signed back in Sept. 2004 — the Quarry Country Club in Palm Springs and the Robert Trent Jones Golf Club in Gainseville, Va.

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