Business Insight Zone

No big suprise here: New Century Financial co-founder Brad Morrice is out as CEO. We talked about New Century’s troubles in the April edition of the Hoover’s Index. (Note that the video clip has more information that expands on the printed text.)

While I’d bet that Morrice isn’t thrilled to be departing New Century, which has become a poster child for the troubles affecting the market in subprime mortgages, he’ll have some long green to solace his woes: According to Hoover’s records, Morrice received more than $11.7 million in cash compensation between 2001 and 2005 (when times were good in the subprime market), and according to this AP report, Morrice also received about $1 million during the year before his company declared bankruptcy in April.