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66 Comments
- strafefire, on 10/10/2007, -3/+38Unless there was MAJOR accounting fraud going on at Countrywide, this is not the next Enron.
If you have read any of the literature dealing with Enron, you'd know that they they should had been out of business 10 years prior to when they finally imploded, all due to "creative financing"!!!
It is up to the individual employee to KNOW what he/she is getting into, Mutual fund or stock wise, in their 401Ks.
And, there is no excuse about not knowing how to do it. *****, the info is FREE:
finance.yahoo.com
earnings.com
stockcharts.com
You'd think something of this caliber, people would try to pay THE MOST attention to, but... - inactive, on 10/10/2007, -1/+21I would be a fool if I put all of my 401k into my employer's stock..especially when my employer's industry has been at the top of the *****-storm forecast for the past 6 months.
- dukeeeey, on 10/10/2007, -6/+24The next Enron is probably the whole united states. National debt just rolled over 9 trillion and no one noticed.
- sparc2112, on 10/10/2007, -0/+15Even if this class-action is a success the only people that will be closer to a decent retirement fund afterwards will be the lawyers.
...and this is NOTHING like Enron. - inactive, on 10/10/2007, -4/+16Greedy ***** went overboard with the subprime crap that they KNEW screwed people, and finally the employees are paying for it. It's pretty much guaranteed that when your company is unethical with their customers sooner or later employees get screwed too.
- PresRob, on 10/10/2007, -0/+11Enron hid their losses in dummy companies that also siphoned off money that went into individuals pockets.
Countrywide just offered adjustable loans (at premium prices) to people who could not keep up with the interest rates. As those folks default on their loans, Countrywide takes it in the shorts. Countrywide probably did not sit around laughing at their customers like Enron did (at least not when the foreclosures started), because it was clear that Countrywide would suffer along with them. However, I bet they wish they offered better terms or did not make most of those loans. - inactive, on 10/10/2007, -1/+11I AM BRAINWASHED AND PUT ALL MY RETIREMENT EFFORTS IN A 401K WHICH I DON'T UNDERSTAND AND THEN I AM SAD WHEN IT ALL GOES AWAY
- theworldisflat, on 10/10/2007, -0/+9Uhh.. not really. This is what happens when you allow your 401K to be vested mostly in stock of the company you work for. You almost always have different vesting options. Mutual funds are nothing but big pools of people putting their cash together to buy stock. It can still fail if the back end of said mutual fund tracks failing stocks....
- theworldisflat, on 10/10/2007, -0/+8 This is what happens when you allow your 401K to be vested mostly in stock of the company you work for. You almost always have different vesting options. Unless your company is tracked by some of the larger index funds, I wouldn't vest in them as your sole option (even then, not sure I'd go 100% on them either)
- senatorkevin, on 10/10/2007, -5/+12Dugg down as inaccurate. Countrywide doesn't force employees to invest in company stock in their 401k. This is nothing but a bunch of idiots who put all their eggs in one basket and got burned and are now looking to sue to get some cash. Typical america.
- almostdone, on 10/10/2007, -1/+8That's what happens when you put your 401k directly into stocks rather than mutual funds.
- WinGeek, on 10/15/2008, -3/+10Enron all over again? You clearly have no clue what you are talking about.
- Chompy, on 10/10/2007, -1/+8If you worked in the frigging mortgage industry and didn't see this coming, I dunno what to tell you.
- rald84, on 10/10/2007, -0/+6looks like countrywide wasn't on their side ...
- geometry, on 10/10/2007, -0/+6I've got a $0.02 stock that is about to go through the roof!!!!!! Email me at illtakeallyourmoney@idontcare.com for more info.
- WinGeek, on 10/15/2008, -2/+8After Enron there are new federal laws that allow you to diversify your 401K holdings so it is not just your company stock. Anyone that has their entire 401K invested in one company is an idiot and should loose all their money.
- CraigJ, on 10/10/2007, -1/+6Only someone completely ignorant if investing (read, "most people") would put more than the tiniest fraction of their retirement in their own companies stock. There are exceptions to this, but this is the classic "putting all of your eggs in one basket" approach that often leads to disaster. I feel sorry for these folks, but it is their own ignorance that led them to this... actually, after thinking about it I really don't, and I hope this lawsuit is dismissed - there is no need to reward people for their ignorance.
- PamalaLauren, on 10/10/2007, -0/+5As a former employee of Countrywide and with two people from my family working there they didn't lose any money from their 401K. Why? They don't own stock in the company and didn't invest their 401K's that way. The company isn't in financial trouble, which is something that annoys the ***** out of me in regards to this. The layoffs happen yearly in that damn company. And if you didn't see a down shift in earnings on the home mortgage side, then you're a ***** idiot. But Countrywide Financial Bank is having a great earning year as well as Countrywide Insurance Services which is having the best earnings year they've ever had. So the company had no reason to believe that some bastards news report that Countrywide was going under would cause a huge drop in stock. Sue the stupid reporter for the inaccurate story.
- mookiemookie, on 10/10/2007, -4/+9Yeah those thousands of Enron employees who had nothing to do with accounting scandals sure did deserve to lose their entire retirement. Yep, no sympathy for them!
Go die in a fire. - tradwolley, on 10/10/2007, -0/+5Sounds like they are pissed for not being given information allowing them to do some insider trading.
Why would you keep all of your retirement tied to one company anyway. Diversify and leverage the risks. - WinGeek, on 10/15/2008, -0/+4Has not happened to comcast yet!
- bierce, on 10/10/2007, -0/+4Trial attorneys need more money. Can you help?
- vulapine, on 10/10/2007, -0/+4Wouldn't it have been akin to insider trading to tell the employees to sell off the stock in their 401Ks because the company is having financial difficulties?
- geometry, on 10/10/2007, -0/+4Also after reading that line again I realized something. They are complaining that "the company failed to warn them about the depth of its financial troubles" wouldn't that be insider trading if the company did tell them about their financial troubles?
- rowlodge, on 10/10/2007, -0/+4my god , did you see how many commercials they had on everyday!...i think even god got tired of them.
- animaniacsrule, on 10/10/2007, -0/+4The employees who put all or most of their 401k into countrywide screwed themselves. Diversify, bitches.
- aliengoods, on 10/10/2007, -1/+4Agreed. I love the company I work for, but putting your entire retirement into a single stock is suicide. Pensions are another matter, as those are controlled by the company.
- jeffiek, on 10/10/2007, -0/+3'claiming they suffered heavy losses in their 401k retirement accounts after the company failed to warn them about the depth of its financial troubles'
So what was Countrywide supposed to do? Give them the news so that they could dump the stock? Can you say insider trading?
Isn't it time people grew up and started taking responsibility for their own lives instead of running to the courts and/or the government to solve their every little boo boo? - CanIGetAWitness, on 10/10/2007, -0/+3that would be Nationwide
- FearNLoathing, on 10/10/2007, -0/+3We all know that cash rules everything around us; cash, green, get the money, dollar dollar bill ya'll. That's why its time to enter the 36 chambers, and step to the Wu.
You need to diversify yo bonds, *****. - inactive, on 10/10/2007, -1/+4Wtf does this have to do with Enron? God some people are dumb...
- declawedpaw, on 10/10/2007, -1/+4Company = Employees. To have the same employees who are pushing sub-prime loans complain that they didn't know what what going on is disgusting. They knew. They were the ones doing it.
- geometry, on 10/10/2007, -0/+3If it's true that the company is not hurting then their stock price will recover, and these people will get their money back. Either way these people shouldn't be suing.
- Terr01, on 10/10/2007, -0/+3It wasn't just about diversification, but about how Enron ever-so-coincidentally took steps to freeze employees' ability to divest so that their top executives could dump their stocks first and stay rich.
- tfhehir, on 07/01/2008, -0/+2Mortgage giant Countrywide Financial has been exposed for implementing unlawful and overly aggressive lending practices. Naturally, Americans expect that such infractions should not go unpunished by government, however Countrywide’s CEO Angelo Mozilo may escape with just a slap on the wrists, as many states do not have laws to protect mortgage consumers. This is no excuse, however, for these abusive practices. Don’t allow powerful heads of corporations to escape the legal system, while making money and laying off employees. Vote in Corporate Accountability International’s Corporate Hall of Shame. Google it today!!
- hiPpymIck, on 10/10/2007, -0/+2we had this in UK a few years back pension funds investing in their own company who then went bust..
isnt there some reason why self investing is a bad idea?
eg its seen as an easy source of cash by the co..
who then get slack about making sure its good business that determines their use of it
..maybe even using as a last ditch source when the business is going pear-shaped - Auscifer, on 10/10/2007, -0/+2I think you are using the term vesting when you mean Investing. Vesting in retirement planning refers to the amount of time you have to participate in a plan before you are eligible for any retirement benefits. I.e. It may take 4 years to become "fully vested" in the plan.
- AlwaysAwake, on 07/02/2008, -0/+2The next devastating "Trojan Horse" scandal to surface soon, is that nearly all, if not all government and private pension funds are grossly underfunded, and the "wealth" is already gone, leaving zero payouts for the participants. Swallow the truth now, or be "shocked" later. Your "money" has been stolen by The Rothschilds, and their sociopath super-rich minority partners in The One World Company, represented in the US by their Federal Reserve System of Banks, and the foreign corporation money laundering and collection agency we call the Internal Revenue Service, neither of which is accountable to any branch of the US government.
- RLCrisp, on 10/10/2007, -1/+3'claiming they suffered heavy losses in their 401k retirement accounts after the company failed to warn them about the depth of its financial troubles'
Almost EVERYBODY suffered significant losses in mutual funds and stocks because of idiot lenders and the subprime *****. - badogg, on 10/10/2007, -0/+2They had commercials? I love my DVR!
- BESTenemy, on 10/10/2007, -0/+2That's what happens when runaway inflation hits home. First the sub-prime, then this, then everything else.
- siszam, on 10/10/2007, -0/+2Don't put all your eggs in one basket.
- ElGstr, on 01/17/2009, -0/+2It was the mortgage fraud that the Countrywide employees did that got us into this recession.
Bank of America, Countrywide Home loan, National City Mortgage, and Wells Fargo are simple, undereducated, preaching buffoons. They are half a baby step away from the homeless people who babble to themselves in the street. They may well be insane, it's hard to tell without seeing them in person. Just stop. Stop embarrassing yourself and go away. Far away. Far away where the rug Czars, pedophiles, mortgage fraudsters and cross dressers run free and chase butterflies in fields of sunflowers. Go be with the Drug Czars, pedophiles, mortgage fraudsters, and cross dressers, Bank of America, Countrywide Home loan, National City Mortgage, and Wells Fargo. Let them pet your head and tell you the truth. Now go Bank of America, Countrywide Home loan, National City Mortgage, and Wells Fargo, be free, be with your people. Run along sweet cheeks, run along. Good boy, good girl, good....
“Bank of America, Countrywide Home loan, National City Mortgage, and Wells Fargo, you lookin' at me? You look' at me? Are you lookin' at me?" It's awesome. Not only are they dumb, they’re totally looped. Bank of America, Countrywide Home loan, National City Mortgage, and Wells Fargo you can't hide what you are and what you do. You are a bunch of sanctimonious psycho pricks. I think Bristol Palin’s retarded fetus is more qualified to be in charge of or working at Bank of America, Countrywide Home loan, National City Mortgage, and Wells Fargo than those currently are. Bank of America, Countrywide Home loan, National City Mortgage, and Wells Fargo, are you trying to out-stupid yourself?! If so, mission accomplished boys and girls!! Go treat yourself to a Nazi pie! Bank of America, Countrywide Home loan, National City Mortgage, and Wells Fargo, if you send me a postage pre-paid 3 x 3 x 3 box, I'll mail you the ***** Eleanor and Gertrude produced on your head-up-your-ass illegal unethical stupid asinine fraudulent mortgage documents. I can also send you a clump of their urine (complete with litter) if you like. Next person to call these dumb, crazy pricks a dick will get a -1 on their comment from me. Take that, potty mouths.
The home loan lenders and fraud caused the collapse. Read Craig B.’s http://reno.broowaha.com/profile.php?id=1516 Among Us exposes,
http://www.google.com/cse?cx=partner-pub-411262285 ...
Is Your Lender A Patriot Or Terrorist? http://www.broowaha.com/article.php?id=3462,
Just Do The Required Home Loan Modification http://www.broowaha.com/article.php?id=4070,
and Why is Countrywide NOT doing the REQUIRED loan modifications? http://www.babelation.com/?q=node/1549.
El G - CraigJ, on 10/10/2007, -1/+3I want to digg this story up, but the title is so inaccurate that I can't
- mbondr, on 10/10/2007, -1/+3This is just the standard class action lawsuit that always happens when a company tanks. There are law firms that specialize in this. I doubt that they will win and although I despise the American corporate system (especially Countrywide), I think Countrywide is probably in the right here.
- pcpimpster, on 10/10/2007, -0/+2People need to wake up and realize that the 401k which your company controls is NOT always looking out for your best interests. They care about your 401k about as much as they care about that department they just lade off. Do the 401k but not through your employer, take control of your money people or the corporations could very well wash it down the toilet like they do their business. Oh and most companies make money off your 401k.
- pcpimpster, on 10/10/2007, -0/+2apparently "god" never gets tired but that doesnt mean i like it.
- Y0tsuya, on 10/10/2007, -0/+2My coworkers can't understand why I don't put much money into our ESPP plan. Free 15% they say. But that comes with too many strings attached so I'd rather buy the stock on the open market without restrictions.
- catalysis, on 10/10/2007, -0/+2Good mutual funds are always a safer investment because they are properly diversified.
- Po0p, on 10/10/2007, -1/+3***** Countrywide
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