Reply by Marlene/USNA on 10/1/07 11:58am
Msg #214033
from Los Angeles Times article dated 9/29/2007"
"The company recently said it will eliminate as many as 12,000 jobs in the coming months. Its stock, meanwhile, is off more than 50 percent from its $45.03 high on Feb. 2."
http://www.mercurynews.com/news/ci_7038917
from New York Times article dated 9/8/2007:
"Countrywide, based in Calabasas, Calif., said 10,000 to 12,000 jobs, or as many as 20 percent of its 60,000 workers, could be eliminated over the next three months as it contends with a severe drop in new home loans, tighter lending conditions and a rise of borrower defaults and delinquencies."
http://www.nytimes.com/2007/09/08/business/08lend.html
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Reply by Dennis Larson on 10/1/07 3:31pm
Msg #214094
It may be more likely that ...
Countrywide will sell (or maybe even has already has spun a deal with) it's three divisions. Buffett's bail out will guarantee him the retail side, B of A the servicing side, and unknown investors will get the wholesale side. Then, the three entities will become separate companies and the main Countrywide name will go BK. Can anyone think of a better way to avoid an employee lawsuit?
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