Countrywide ices luxury ski junket
Headline: No Countrywide For Old Men.
Excuse the Oscar pun, but the headline comes from CNBC.com, and I kind of like it.
The latimes.com blog L.A. Now reports Countrywide Financial, clinging to its life as its would-be savior begs for a bailout, has canceled a lavish ski junket in Colorado.
From The New York Times: " ... the besieged mortgage lender, has canceled a gathering of bankers from smaller mortgage banks at the Ritz-Carlton Bachelor Gulch ski resort (where room rates begin at $725), Countrywide said in a statement on Sunday. The company was to pay for 30 invited guests' hotel rooms, meals, skiing and tips."
Countrywide iced the junket only after a public spanking from CNBC. CNBC's real estate blogger, Diana Olick wrote last week, "There's something called remorse. Maybe you've heard of it. Clearly Countrywide Financial is not in touch with that emotion right now."
Hat tip: Better Village
Thoughts? Comments? E-mail story tips to peter.viles@latimes.com.
Photo credit: Countrywide Chairman Angelo Mozilo by L.A. Times.
"...where room rates begin at $725..."
Here's a math problem for the kiddies:
Angelo wants to rent a room for 3 nights at $725 per night. Angelo's company gets $75 for every late payment it receives. How many payments must be late to pay for Angelo's room?
Posted by: TakeFive | February 25, 2008 at 11:38 AM
Clearly it's face-saving PR move. Remorse my a$$. Just called CW to obtain my year end tax statement and was hustled by a rep pitching me a CW Visa Rewards card, an interest only adjustable loan, and a HELOC.
My mortgaged is a fixed 6% - mebbe they think they're losing money on me.
Keeing with Peter's Ice Theme.
"Ice, Ice, Baby." - the late not-so-great Milli-Vanilli
Countrywide is skating on thin ice and Mozillo will be the new lead in the IceCapades. I hear he's playing Merlin the Magician.
Posted by: Hula Girl | February 25, 2008 at 11:39 AM
Oh...
La Vie En Mauve
Posted by: Tombstone Realty | February 25, 2008 at 12:01 PM
Shame on us for our failure to support our elistist society. It's the common man's fault when the best and the brightest of our society can't enjoy themselves while Rome burns at their fancy schmancy ski lodge.
Hell, we know it the unions, the auto workers, and the common man's fault when they fail to build cars that don't sell.
Back in Henry Ford's day, managers were paid 50 times the average salary workers wage. Now its 250 times, but they deserve because the best and the brightest are leading us to our promised utopia of serfs and lords.
God bless America.
Posted by: ray | February 25, 2008 at 12:42 PM
Gee, I just might lose sleep over how deprived these poor bank executives are.
I think they should all gather round a formica table with macaroni and cheese and koolaid (no ice).
Posted by: anonymous | February 25, 2008 at 01:27 PM
Hula Girl -
I think you meant Vanilla Ice:
http://www.youtube.com/watch?v=M8BxbdQqMRE
Or if you prefer the Jim Carry version:
http://www.youtube.com/watch?v=0A7tLVIsuNw
Ah, the 1990's. Back when you could count on banks to make the right decisions about real estate.
Posted by: TakeFive | February 25, 2008 at 01:31 PM
they said they were scrapping the plans. why is everyone so mad??? besides the only people who are unhappy about escalating home values are renters. SHUT UP!!!
Posted by: mike | February 25, 2008 at 01:52 PM
Serfs and Lords? I think not. We'd get a bonus (a la one-time social security payout), up to 3 months to spend it and put our affairs in order, then report to the nearest clinic for ... injections. Oh, did I forget to mention state-provided funerals?
And Angelo will still be showing off his rub-on tan to the cameras.
Posted by: Reno | February 25, 2008 at 01:57 PM
Tombstone, I think I can heard the man sing "Non, je ne regrette rien."
Posted by: MyLessThanPrimeBeef | February 25, 2008 at 02:10 PM
Diana Olick wrote last week, "There's something called remorse. Maybe you've heard of it. Clearly Countrywide Financial is not in touch with that emotion right now."
Dont worry, Dana: There Will Be Blood.
Posted by: milkshake | February 25, 2008 at 02:24 PM
I could take the perma-tan look on Angelo, but the bow-tie is just too precious. It screams, "Ivy League Wanna-Be" or "I read F Scott Fitgerald!."
Posted by: William Jones | February 25, 2008 at 03:08 PM
I wish I could remember which company it was, but I read a story about a frugal CEO for one of the larger investment banks that after taking over as head of company, immediately moved the lavish company get-together to the Central Park Zoo. ("YOU... belong in the.... ZOO?")
Posted by: Geek Seek | February 25, 2008 at 03:13 PM
Oh damn, Take Five. "I knew that". No wonder my kids think I'm a pop culture moron. Either way, One Hit Wonders, eh?
Posted by: Hula Girl | February 25, 2008 at 06:55 PM