From Lyle Spencer's Blog:

Justin Speier, the Angels' veteran right-handed reliever, has been handed his unconditional release to make room on the 25-man roster for Trevor Bell, the 22-year-old right-hander who makes his Major League debut on Wednesday against the Rays.

Speier still had 1 year left (after 09, in which he made $4.75 mm) and was due $5.25 mm in 2010.  Not sure I believe this quote from Ninja: 

"It probably caught him off guard," Angels general manager Tony Reagins said. 

Justin had to see this coming considering his performance in 08-09.