September 04, 2007

FLASH: Countrywide Financial hires "Chief Risk Officer". Hopefully he negotiated a nice severance package.


Bad Career Move Hall of Fame candidate for sure... And a sure funny one to have to explain one day to a potential new employer....

"Yup, I was their risk officer. Yup, when they ENRON'ed. Yup, I should have seen it coming too. Yup, their CEO was dumping the stock while the company bought back shares. Yup, I'm a total idiot"...

Countrywide Financial names chief risk officer

NEW YORK, Sept 4 (Reuters) - Countrywide Financial Corp named Jess Lederman as chief risk officer on Tuesday, as the largest U.S. mortgage lender confronts a slumping housing market.

18 comments:

Anonymous said...

No the funny part is the old risk officer went to WaMu. Talk about going from the frying pan into the fire.

Phil

Anonymous said...

well at least they didn't hire Jeb Bush like Lehmann Bros just did!

Diana Olick's Love Child said...

Buffett, BofA, Countrywide: One Person's Opinion

"[Buffett] old me that two as yet non-public situations had come up with large financial institutions that were in trouble. ... It is likely, however, that Countrywide was one of them ... But Mozilo is a bad manager, and Berkshire Hathaway cannot supply management. In fact Mozilo is the epitome of a Berkshire anti-manager ... But Mozilo is still in denial and insists his lending standards were not lax; his products were appropriate; and his fees - of up to 15% for some subprime products – were not out of line. The Fed should have asked him to step down."

Swirlyman said...

Could be he's planning to write a tell-all bestseller book "Inside Countrywide".

g said...

I love it "27-year industry veteran".

Actually, not a bad move. They're only 27, they get a lofty title and fat salary until CFC implodes. If it does, they get no blame since CFC was doomed anyway. Perhaps that inflated title helps get them an extra 50% salary kick at their next gig (assuming they have skills applicable elsewhere besides the lending business).

Anonymous said...

Like getting promoted on the titanic after it hit the 'berg

Edgar said...

Now they want a risk officer? LMFAO!

But, but,I just sharpened my pencil... Breeheehee!!

Anonymous said...

This must be the ax man!

JerseyGirl said...

He's the Dick Harper of Countrywide.

Hey! Where are ju go-een weeth thee tele-vee-shon?

bruiser said...

I can almost hear his first pep-talk: 'From this point forward, I pledge that we will not offer any mortgage that is excessively risky'

Bwaaahahahahahaha!

k.w. - southern ca. said...

CFC will have to start laying off more and more of it's staff - this new hire is the man for the job.

Ultimately, they'll take the ax to him as well.

It's all a matter of time.

Anonymous said...

g:

Are you seriously that retarded?

27-year veteran, as in he's been in the business 27 years, not that he's 27 years old. My God I hope you never have children.

Anonymous said...

It really dawned on me reading the previous Countywide topic the other day. They try to draw in more "savings" suckers by touting the 100k FDIC guarantee.

We the tax payers are (unwillingly and unknowingly) going along with their continued attempt to stay solvent. The FDIC insurance payouts when Countywide fails will ultimately come back to the tax payers bailing out more "savings" gamblers.

Something is really wrong here.

Anonymous said...

Jeb Bush for Lehman, John Edwards for Fortress hedge fund. The taxpayer-paid bailout is on the way folks. Prepare yourself for massive inflation

Anonymous said...

g,

That's 27 year veteran, not 27 year old veteran.

dopes said...

I saw a guy driving a mercedes today and you dopes say there is a recession. People don't drive cars during a recession.

W.C. Varones said...

Lederman joined Countrywide in 2005, and was most recently managing director of products and pricing.

Ha! So the guy responsible for the promotion of ARMs, option ARMs, and other bad products that are now cratering in CFC's portfolio is now the guy in charge of "risk."

You can't say the Ooompa Loompa doesn't have an ironic sense of humor!

brokersleaveyoubroke said...

"Funny job titles for $500 Alex"
Too funny. One of the reasons this is my favorite blog.