countrywide (aka enron) cans 12k employees

[gonebroke2]

Hey Fishhead...let the bank run begin. No doubt in my mind this stock is going bankrupt.

http://www.marketwatch.com/news/story/co...mp;siteid=yhoof

[pig4bill]

This is probably not the end of it. They started on Tuesday when they announced 900 layoffs. All week they've been canning people and waited until after hours on Friday to announce the big number. They hope nobody notices, or forgets by Monday.

From what people have been saying, it could be over 20,000 total.

[Fishhead24]

[ QUOTE ]
Hey Fishhead...let the bank run begin. No doubt in my mind this stock is going bankrupt.

http://www.marketwatch.com/news/story/co...mp;siteid=yhoof

[/ QUOTE ]

You could be right...........not that I'm overly worried(FDIC insured), but will soon be slowly moving my money out of my Countrywide savings account and into a more stable savings platform.

[PairTheBoard]

2+2 Thread from back in Feb '07.

Cramer was touting CFC at $45 back then as being the beneficiary of a subprime meltdown of its competitors.

My thoughts from that thread,
[ QUOTE ]
This reminds me of the bursting of the tech bubble. A lot of weak stocks went to zero and were never bargains at any price. Meanwhile, the best companies held up for a while but finally fell to levels that were almost unthinkable near the top of the bubble.


[/ QUOTE ]

PairTheBoard

[Taylor Caby]

if my mortgage is with countrywide do i have anything to worry about?

tc

[Fishhead24]

CALABASAS, Calif., Sept. 6 /PRNewswire-FirstCall/ -- Countrywide Financial Corporation (NYSE: CFC), a diversified financial services provider, will present on Tuesday, September 18, 2007 at the Bank of America 37th Annual Investment Conference in San Francisco.

Management will be making the keynote lunch presentation, which is expected to begin at approximately 12:20 p.m. PDT. Attendance at the conference is by invitation only; however, an audio webcast will be available on Countrywide's Investor Relations website at http://www.countrywide.com on the day of the event.

Participants will need to allow adequate time to download any software necessary for the webcast. The audio archive of this event will be available on Countrywide's Investor Relations website through Friday, October 5, 2007.

Founded in 1969, Countrywide Financial Corporation is a diversified financial services provider and a member of the S&P 500, Forbes 2000 and Fortune 500. Through its family of companies, Countrywide originates, purchases, securitizes, sells, and services prime and nonprime loans; provides loan closing services such as credit reports, appraisals and flood determinations; offers banking services which include depository and home loan products; conducts fixed income securities underwriting and trading activities; provides property, life and casualty insurance; and manages a captive mortgage reinsurance company. For more information about the Company, visit Countrywide's website at http://www.countrywide.com.

[gonebroke2]

[ QUOTE ]
if my mortgage is with countrywide do i have anything to worry about?

tc

[/ QUOTE ]

http://www.azcentral.com/business/ho...ampA01-ON.html

[superadvisor]

Hey guys you are forgetting they company officials say that the job cuts may be smaller if the market improves.... (sarcasm)

http://online.wsj.com/article/SB1189..._us_whats_news

[superadvisor]

blueman, because there is a very good chance the company is going to go under. The CEO already sold all $450 million of his shares, that shows you how much confidence the public should have.