A Special Present for Countrywide Employees

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

Ken Lewis held a town hall meeting for Countrywide employees 3 days 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 Calabasas 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.

 

Jason Rodgers
Jason Rodgers: Jason Rodgers was an experienced research analyst for a major bank prior to retiring to run his own investment consultancy in beautiful Lihue, Hawaii. Jason contributed articles to BestCashCow from 2008 to 2014.

Comments

  • Sam Cass

    July 12, 2008

    "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.

  • «
  • Page 1 of 1
  • »
Add your Comment

Featured - 30 Year Fixed Mortgage Rates 2019

Lender APR Rate (%) Points Fees Monthly
Payment
Learn More
AimLoan.com NMLS#2890
NMLS ID: 2890
License#: MC-3098
4.011% 4.000% 0.13 $340 $1,194 Learn More
Quicken Loans NMLS #3030
NMLS ID: 3030
5.250% 5.250% 0.00 $0 $1,381 Learn More
Rocket Mortgage
NMLS ID: 3030
4.875% 4.875% 0.00 $0 $1,324 Learn More