Countrywide Financial (NYSE: CFC) is quickly establishing itself as the king of PR in lieu of substance. CEO Angelo Mozilo dumps stock while he waxes bullish and there is a general consensus that Countrywide is doing little to help struggling homeowners, although the company 's HOPE team claims to be doing what it can.
So how is Countrywide responding to the barrage of criticism that it favors public relations over substance? A new PR campaign of course, this one targeted at the company's own employees. Countrywide workers who sign a pledge of loyalty to the company will receive a free -- I'm not making this up -- "Protect our House" wristband. Cool!
The Wall Street Journal has posted a transcript of an "Opinion Leaders" conference call discussing the company's public relations offensive.
If Mozilo and company want to be seen as something other than greedy (Mozilo's pay last year was over $120 million) piranhas, they will need more than a PR campaign.
More Countrywide Financial news
Peter Cohan: Why Countrywide (CFC) CEO Angelo Mozilo is like Enron's Ken Lay
Douglas McIntyre: Countrywide (CFC) CEO stock sales questioned
Eric Buscemi: Countrywide (CFC) showing some class and good business sense
Peter Cohan: Is Countrywide (CFC) too big to fail?
Douglas McIntyre: Could subprime problems hurt search engines?
Peter Cohan: Is Bank of America's (BAC) purchase of Countrywide Financial (CFC) a good bet?
Joseph Lazzaro: The (still) foggy subprime mortgage sector
Peter Cohan: What the mortgage meltdown means to you
Michael Fowlkes: Countrywide Financial (CFC) adds to subprime panic
Peter Cohan: Could Countrywide Financial (CFC) be put down?
Countrywide (CFC) has a new PR campaign, but what about real change?
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Reader Comments (Page 1 of 1)
10-03-2007 @ 12:56PM
Former Employee said...
Someone should ask how many employees got the ax today and how many Wholesale Branches they closed
10-03-2007 @ 6:15PM
Seth said...
NewsVisual did some interesting research on this deal, looking at the ties between Countrywide and WPP http://www.newsvisual.com/newsvisual/2007/10/connections-may.html . According to their research, Countrywide can be tied to WPP through trucking company Paccar and the Boy Scouts of America. It's quite possible that it was through these connections that Countrywide first contacted WPP about this deal.