New Century Execs Head for the Exits, After Getting Paid Bonuses

For those who don’t already know, now-former New Century CEO Brad Morrice left the defunct lender he co-founded this week, along with a wide swath of other now newly-unemployed executives. Matthew Padilla over at Mortgage Insider has a good post on this, wondering why Morrice left now. For those interested in reading the full SEC filings on this, click here. While everyone is trying to read the tea leaves on the timing of Morrice’s departure, I’ll remind readers of an earlier post I made on May 8 about the $3.2 million in bonuses paid to company executives in early May. In truth, I don’t know why Morrice and the other execs bolted, but I do know they did so only after receiving their bonuses. I don’t know if I need to look any further for a reason than that.