Pets.com all over again as the REIC starts laying off its people. Countrywide throws 2,500 more out the door
Nice that Countrywide's scuмbag CEO Mozilo made $160,000,000 last year, and cashed in over $200,000,000 in stock options at the peak, isn't it? I'm sure the thousands of Countrywide employees given pink slips could use some of that loot.
$200 million / 2500 laid off employees = $80,000 per employee. The French cut off peoples' heads in situations like these, no?
And just think - we're just getting started. Hundreds of thousands of REIC in the end will lose their jobs during this devastation. Hundreds of thousands of people with mortgages, car payments, health bills, kids in school, etc. The human toll of the bubble.
In the end folks, this was just pure greed. Pure, evil, historic, out-of-control bubble-fueled greed. Followed by the inevitable crash and cleansing of course. The question is, who will serve the time - a la Ebbers, Skilling, Lay, Kozlowski, Scrushy, Fastow and Rigas?
Countrywide Financial Corp., the largest U.S. mortgage lender, on Tuesday said it expects to cut staff by more than 2,500 employees to help save more than $500 million as demand for home loans slumps.
The company had already reduced staffing by 847 people from July to September, ending the quarter with 55,564 employees. "Gross layoffs will exceed 2,500 employees," Sambol said.
"This cleansing that takes place as the markets pull back is always healthy in the long run, for both Countrywide and the industry," Mozilo said.
Last week, Washington Mutual, the No. 3 mortgage lender and largest savings and loan, said it has cut 9,742 jobs, or 16 percent, this year. In May the parent of Ameriquest, which lends to people with weaker credit, set plans to lay off 3,800 employees, or one-third of its workforce.