Clawbacks somewhat arbitrarily limit the penalty to the amount earned in a way that doesn’t exist in other professions. They also seem to complicate the legal process of enforcement.
He made $470 million running Countrywide into the ground and had to pay a fine of $67.5 million.
Retired to live out his old age worth about $600 million.
Who is the fool in this equation? Hard to say it is Angelo.
My issue with clawbacks is that they set an upper bound of $470 million for a fine in his case, when I think the fine should be whatever it takes to deter lawbreaking.