Countrywide Denies Bankruptcy Rumors

Posted by John Carney, Nov 20, 2007, 3:01pm

Countrywide Financial Corp has said the rumors of a possible bankruptcy filing later today are "absolutely false," The Wall Street Journal is reporting.

Update: Reuters is reporting that the company won't return their phone calls.

Update II: We didn't even bother calling. What are they going to say? And would the spokesperson tell us the truth anyway? Would the spokesperson even know if they were filing?


Developing...
Treasurys Gain After Fed Minutes [Wall Street Journal]

Countrywide plummets as mortgage jitters grow [Reuters]

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Posted in: Countrywide

Comments

Posted by idonothaveaHBSmba, Nov 20, 2007 3:30PM

Alan Greenspan started the CFC rumors and he's been short since earlier this year. Should congress look into this?

Posted by F. Ucked, Nov 20, 2007 3:40PM

My call options are worthless (unless CFC manages a 200% stock price change in next few weeks). With this skill, I should be looking for a job at Bear.

Posted by Dr. Evil, Nov 20, 2007 3:43PM

Dont feel bad F man, I got hammered on CSCO calls just the other week. I am thinking about taking that online trading class that Tim Sykes will be teaching...

Posted by abe, Nov 20, 2007 3:44PM

Where did BOFA buy? Nicely done.

Posted by , Nov 20, 2007 3:56PM

Lisa Riordan is a hot piece of tail, John, so it's worth calling for no other reason than that

Posted by banker, Nov 20, 2007 3:59PM

BAC actually got all kinds of interesting "inducements" shall we say from the Fed for making the equity investment, I'd estimate it could make good on the investment in the end even if CFC is a zero

Posted by CR&T8.2stake?, Nov 20, 2007 4:14PM

I have a friend who works with a guy whose wife owns a tanning salon that Angelo frequents three times a day. She says they are toast.

Posted by , Nov 20, 2007 4:18PM

Banker,

What 'inducements'?

Posted by The Inappropriate Joke Teller, Nov 20, 2007 4:19PM

I asked Angelo, "Hey! Are you tan from the Sun?" and he replied, "No...I'm Angelo from the Earth."

Posted by ER Drood, Nov 20, 2007 4:45PM

Nerf Warlocks!

Posted by Anominous, Nov 20, 2007 4:47PM

as part of the deal BAC has right of first refusal. they'll end up buying CFC for much less than $19/shr, which incidentally will allow Angelo the free time to tan 'til he transmogrifies into dark matter.

Posted by banker, Nov 20, 2007 5:10PM

Ho ho, wouldn't you like to know!

Posted by , Nov 20, 2007 5:50PM

Ok, one of the banner ads sells fake rolexes. So (1) is this legal? and (2), if I can have either a fake rolex or 15 shares of CFC, which is better?

Posted by Random Banker, Nov 20, 2007 6:10PM

This has been my worst trade since I snapped up those Enron options back in November 2001. Too big to fail, my ass! And the rest of the industry is so fucked up they can't even buy them.... Maybe Wells Fargo will step in. Its my only hope. The depth of this subprime mess makes absolutely no sense.

Posted by , Nov 21, 2007 7:26AM

yeah, just what wells fargo wants a 50% share of the US mortgage market

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