And You Thought You Were Sitting On Equity
No one can question that some people are making a lot of money from the housing boom, in fact let's look at the real winners. This Forbes table lists some big paychecks for the CEO's of major corporations. I'll skip Wells Fargo, Capital One and the other banks, they make that much every year.
Angelo Mozilo of Countrywide Financial, No. 9 at almost $57 million.
His firm is leading the nation in subprime lending and pushing the envelope on all those interest only, negative amortization loans. And it's not even a bank!
Robert "I raise prices every week" Toll of Toll Brothers, No. 13 at $50 million.
And that's on top of hundreds of millions in stock sales, right before the firms' stock started falling.
Bruce Karatz of KB Homes, No. 20 at $38 million.
I didn't know swinging a hammer made you so much dough.
Larry Mizel of MDC Holdings, No. 28 at $34 million.
A subsidiary does a little lending too, just to wet the beak.
Edward Linde of Boston Properties, No. 48 at $24 milion.
He runs a REIT, and we'll get some news out of that industry this coming week.
I probably missed some, but you get the idea. When we look back, it'll be nice to see where all that money went.