Countrywide Financial Corp. (CFC) announced today that its Chief Executive Officer Angelo Mozilo received $121.85 million in compensation and gains from exercised stock options and stock awards in 2006. Many investors are satisfied with his performance, however, as the stock gained 24% last year outpacing the 7% rise in the KBW Mortgage Finance index. The compensation itself included $89,939 for use of the company aircraft, $27,010 for a company car, $15,481 for country club costs, and $30,196 for tax and investment advice. His salary consisted of $2.87 million in salary, $19 million in option awards, $20.5 million in non-equity incentive awards, and $643,200 in other compensation. He also gained over $72 million from the exercise of over 2.3 million stock options and a $6.6 million gain from the vesting of over 170,000 shares. While all of this compensation seems excessive, as long as the performance is there many investors do not see a problem.