Sports Illustrated does an amusing weekly feature called "Sign of the Apocalypse." The feature highlights a strange event or action by an individual that defies believability. It is meant to be humorous, but sometimes it hits so close to the mark that it takes the edge off the humor.

A couple of recent news items got me to thinking that signs of the apocalypse abound and that they are neither funny nor easily dismissed. Probably the most disconcerting aspect is that in both instances, although the injustice seems obvious, there is nothing anybody can do to rectify the wrongs done.

The first instance concerned the state Supreme Court when it reversed an earlier decision and refused to hear a case involving a lawsuit by Lockheed Martin employees against firms that supplied chemicals used by the employees to degrease parts and wash their hands. The employees claimed the chemicals made them sick and were seeking a multimillion-dollar verdict against the firms, which included some of the world's largest oil companies.

The case ended up at the state Supreme Court after a lower court issued a procedural ruling against the workers. The high court dismissed the appeal, not because of legal merits, but because four of the seven justices owned stock in oil companies that provided some of the chemicals.

The justices could have appointed four temporary judges to hear the case but chose not to because they were concerned that a ruling made by a majority of temporary judges wouldn't hold the same weight as a ruling by the permanent court. Their decision left the Lockheed Martin workers with no recourse. Their case was dead, leaving them angry, frustrated and disillusioned with the judicial system.

Chief Justice Ron George, despite the unprecedented decision by the court, was unmoved by the workers' plight, saying rather dismissively they had their cases heard by trial and appellate judges and, "It's not as if they didn't have their day in court."

There are some legal experts who say that judges should be required to place stock holdings in a blind trust, which many people do when they enter public service. They do so in order to allay conflicts of interests. According to George, that's impossible in California because the state's Administrative Office of the Courts has determined justices are required to closely manage their portfolios. There was no explanation about why the justices were somehow different and "required" to manage their portfolios.

It's impossible to say whether the Lockheed Martin workers' claims that the chemicals they came in contact with caused their illnesses and they are due some recompense. But, surely, it would have been possible for them to receive better, more just treatment from the state's highest court.

The other news item that caught my attention was the purchase of Countrywide Financial by the Bank of America. The B of A made its move after Calabasas-based Countrywide became the poster child for the subprime mortgage fiasco. With its stocks plummeting and bankruptcy looming, Countrywide was in financial free-fall.

The B of A's purchase of Countrywide probably had more to do with protecting its own interests — it was a major stockholder — than taking advantage of a good buy. But what was most interesting was what would happen to Countrywide Chairman and Chief Executive Officer Angelo R. Mozilo.

Initially, it was indicated that Mozilo would stay on at least through the transition and perhaps beyond. Later, that was amended to indicate that Mozilo would probably choose to leave after the transition. A lot was left to speculation about Mozilo's future; however, what wasn't in doubt was what he would walk away with.

If Mozilo chooses to leave, he will be entitled to an exit package of about $72 million, and maybe more. That would be on top of the $410 million in pay, including $285 million in stock option gains that he received since becoming CEO in 1999.

So, let's review. Chairman and CEO leads company to the brink of bankruptcy, stock values drop like a rock causing investors to lose millions of dollars, thousands of jobs are lost or put in jeopardy, and thousands of homeowners face foreclosure because of greedy and highly questionable loan policies.

Chairman and CEO gets severance package of tens of millions of dollars and hardly an unkind word is spoken about him. Who wouldn't love that kind of deal?

Mozilo's deal is not uncommon among the upper echelons of corporate America. In fact, it is commonplace. It also defies all logic. A leader does a crummy job, damages the company, jeopardizes the livelihoods of employees and investors, and in extreme cases destroys the lives of people who trusted the company, and he or she walks out the door with wads of cash. There are no consequences, and in some cases, they are free to do it all over again at another company.

If it all weren't so absurd, it would be apocalyptic.

— Joe R. Howry is editor of The Star. He can be reached by phone at 437-0200 or by e-mail at jhowry@VenturaCountyStar.com.