A Special Present for Countrywide Employees - News Article - bank of america, countrywide, angelo mozilo

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A Special Present for Countrywide Employees

Article Submitted by: JRodgers
News

Tags: Bank of america, Countrywide, Angelo mozilo.

My sources say that Bank of America is clearing house just days after Ken Lewis's town hall meeting.

Submitted: Jul 11, 2008 Views: 329 Comments: 1 Likes: 1

Ken Lewis held a town hall meeting for Countrywide employees 3 threes ago. According to my sources, he said that the dividend is safe (this information is mainly for the consumption of Wall Street) and encouraged employees to open bank accounts.

Today, news comes that Countrywide is just leveling the staff of Bank of America. Virtually everyone outside of California has already gotten their walking papers and bad news is likely to sweep through the halls of Calabas later today.

It seems that the only people who did well at Countrywide were the most senior management. The rest of the folks, including senior management, but not the most senior, is left with nothing. Unfortunately, these days that seems to be much too frequently the outcome at major banks.

Thanks Angelo.

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Comments Received:

Sam Cass

"Today, news comes that Countrywide is just leveling the staff of Bank of America"

I think you mean the opposite. Bank of America is leveling Countrywide.

It's quite amazing that senior managers received billions in compensation for phony profits booked over the last 10 years. They get paid enormous amounts when their stock goes up and should have to pay back money when the stock goes down. That's a compensation system that would work.

Posted: Jul 11, 2008

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