Is Countrywide (CFC) the next Enron?

Securities attorneys across the land are licking their chops at the prospect of investor and employee suits against not only the new Enrons, but legal action against scores of hedge funds and rating agencies as well.

Hi. I'm new here and after reading this post, all I can say is...

ARE YOU KIDDING ME?!?!?!?!?!?!?!

All the stuff that ex-Enron employees went through (and it's still fresh in any one's minds), and people are STILL padding their 401(k) accounts with employee stock.

I may anger a few people with this statement but sorry, no sympathy here for the folks at Countrywide.

Don't blame the employees entirely -- most of them were probably reading these things from 6 months ago that called for $50 stock price, including ironically from this website: http://www.bloggingstocks.com/2007/03/15/countrywide-financial-ready-to-run/

They paid the price for being greedy.

Comparing Countrywide to Enron is just silly. While Countrywide is stumbling of late, it has a good track record in the market and marketplace. Anyone who buys it stock at these levels likely will be rewarded handsomely over time. The employees who are suing likely are the ones who just lost their jobs. There's been no evidence of criminal conduct on the part of Countrywide, unlike Enron which thrived in a criminal culture.

Bank of America just invested 2 billion in Countrywide and I have heard that Warren Buffet has taken a big position also. What do they know that we don't

My employer give me my contributions as company stock. If you don't like it you can refuse the stock and receive nothing. You can sell the stock if you jump threw plenty of hoops and loops. I suspect the big shots have some flunky doing it for them.

I feel sorry for the employees who get gouged twice in this once by three employers second by there lawyers.

Hey, another American Home Mtg fiasco! I can tell you that having been in the mortgage business for 25 years, Countrywide was always the employer of last resort for the people in the industry - I have turned down many a job inquiry from headhunters desperate to find operations staff for Countrywide. It never would have occurred to me to work for that lender , much less invest in their stock. Diversification of your 401K is the key in any case; I saw it happen to employees at California Federal when the stock went to $17 back in the late 1980's, and I saw it happen again at American Home Mtg - don't place all your eggs in one basket!

Many who comment miss Peter's central point"

"Is this pattern recurring at Countrywide? Well its CEO has been dumping the stock -- yielding options gains of $118 million -- since December when it traded at $40 -- that's 59% higher than the current price."

That is what it hinges on, and that fact alone would appeal to me if I sat on a jury.

Countrywide can go down the tubes on a legal fight in addition to its Alt-A troubles. New outside investment will cease. And the legal morass can go on for years.

Don't hate that; that is part of democracy, capitalism and the rule of law.

What is, is.

The answer in this country is no longer to sue....this corporations have deep pockets and teams of lawyers. The workers and people who are getting screwed, need to take it to the next level. Money and power can only be beaten with blood and violence. The environmentalists have figured this out, it is time the rest of us have. We need to start shooting the CEOs and other board members in the head. Send a message to the rest of the avericious bastards that we are not going to take it anymore. This is tyranny. The corporations are represented by the government but after deregulation.....the people no longer are. That is taxation without representation. It was the battle cry of the first revolution....and it will be the same for the NEXT ONE!

Country wide HAS NO INTENTION OF HELPING
I HAVE A LOAN AND HAVE BEEN TRYING TO WoRK IT OUT for 2 mnths YA
more like give it away Im going to lose my mind with them and my butt

I can't help but wonder how many Americans have most of their stocks tied up in American companies. As the dollar falls will they switch to commodities and foreign currency and markets?

It is criminal and sad that the government regulators allow senior exeuctives to fleece their employees and that thoese same employees have to resort to lawsuits. The same government regulators allow the lawyers to fleece the employees and they receive, if lucky pennies on the dollar. The Federal Reserve Bank and SEC allow this to happen time and time again. Pity the poor uniformed unduly optimistic employees of PGE a subsiderary of Eron. For example, Peggy Fowler, president of PGE landed on her feet, getting major salary increases and supersized bonus to make up for her losses. The past decade of greed exercised by all participants will be paid, in large part by the taxpayer eventually. It is already starting to happen by attempts to bail out investors that made BAD CHOICES.

Countrywide isvery much like enron. Company led by Their CEO made what you can call phoney loans to unqualifed buyers. For the sole purpose of unethically making money and driving up their stock price on phoney loans. Allowed top management to exercise their stock options making millions knowing full well that eventually it would impload. CFC's CEO is in the same club with the Lay's Skilling's.

Surely the employees of Countrywide knew they were acting unethically and immorally in the terms of the 'deals' they were making. They consciously made decisions everyday to cheat their customers. Now they are shocked, simply shocked, that their own company could cheat them.

Such is the state of our moral compass.

Surely the employees of Countrywide knew they were acting unethically and immorally in the terms of the 'deals' they were making. They consciously made decisions everyday to cheat their customers. Now they are shocked, simply shocked, that their own company could cheat them.

Such is the state of our moral compass.

OK now most people know as oil prices raise so goes inflation..AS BUSH and his crew kept saying every think is great low unenployment we 're doing great...lol lol.iIt takes atleast a year or longer to catch up..ITS been longer then a year.....We have 2 trucks at 5.5% house 5.7%all fixed..How many people do you think have been using credit cards to buy gas.ILL bet atleast 60% off and on..ALLthis has to be catching up to everyone..THEY blame CHINA..OK what about the 500;000 barrells aday being used in IRAQ a day..I hate to say it but it is all catching up to us ..YOU can see it coming .WE are holding on for the hard ride..