I read the following in an article in the New York Times yesterday about the problems in the mortgage industry:
“Other companies face far more immediate problems. Countrywide Financial, the nation’s largest independent mortgage lender, found itself fending off reports this month that bankruptcy could be looming as its stock plunged 41 percent.”
The name of the company reminded me of something and I decided to go through my computer’s “career outbox” folder. I quickly found the following (emphasis is my own):
“April 9, 2006
To Whom It May Concern:
During the years prior to business school, I have benefited from the sound financial advice received from financial professionals. It made me realize the importance of the service you provide for your clients. I am writing today to request the opportunity to interview for the Post Graduate Internship at Countrywide Financial. I want to work at Countrywide not only because I believe in the value of your industry but also the future of your firm. I believe that recent developments such as the net income increase at Countrywide Bank and the $491 billion in loan originations for 2005 create unparalleled opportunities for your company.”
Some “unparalleled opportunities” alright.
Update 4:20pm: The Wall Street Journal reports that Countrywide will be laying off employees as part of a cost reduction effort.
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