History won’t be kind to Angelo Mozilo, the founder of Countrywide Financial whose shareholders approved the company’s sale to Bank of America yesterday. His is a great American success story, but a tragedy, too.

In the last hours of his presidency, Bill Clinton granted pardons or prison commutations to 140 people. How many of them have shown their gratitude by contributing to his wife’s presidential campaign?

Difficult times for a company mean difficult times for its board of directors.

And these certainly are difficult times for Washington Mutual, the nation’s largest savings and loan.

Because of losses related to subprime mortgage lending, the Seattle-based firm has closed operations, cut jobs, slashed its dividend, and watched the price of its stock plummet to its lowest level in more than 11 years, closing Friday at $13.07.

The radio business has been very good to Lowry Mays and Billie Joe “Red” McCombs.

In 1972, they formed the San Antonio Broadcasting Company to buy an FM station for $125,000.

Thirty-five years later, that company is called Clear Channel Communications and it owns more than 1,000 stations. Its shareholders recently approved a $19.5 billion private equity buyout that values Mays’ stock at more than $1.1 billion and McCombs’ shares at about $190 million. The deal is expected to close before the end of the year.

In early 2000, when Clear Channel shares hit $95, the founders’ stock would have been valued at more than twice as much as now.

All directorships are not alike. Just ask Henry Cisneros.

The former secretary of the Department of Housing and Urban Development makes a lot more money on the board of Countrywide Financial, the giant mortgage lender, but he must be having more fun at Live Nation, the concert promoter and entertainment company.

Especially now during the mortgage meltdown.