Oh, where to start?
Orangelo's PR consultants are trying to pump up his soon-to-be-laid-off employees by making them take "loyalty oaths", while oddly wearing green (why not orange?) "Protect our House" wristbands and launching a crisis-management PR offensive aka "crusade". They've declared "NOW IT'S PERSONAL" and "WE'RE NOT GOING TO TAKE IT!".
No, I am not making this up.
Seriously, I am not making this up. As a matter of fact, here are the super-secret leaked talking points (pdf)
Here's HP's message to Orangelo:
Orangelo, you screwed America by pushing toxic loans on the ignorant masses because they paid you more than conventional loans. You earned huge commissions as you insider-traded your company's stock while directing your company to buy shares on the open market to prop up the price.
You are a pig, you are a leech, and you are the representation of everything that is wrong with American business today. Now indeed it is personal - and there are millions of Americans who want to see your orange ass hauled to jail today. Or worse. IF indeed you're being unfairly attacked and you believe in your company, here's a suggestion:
Buy a share of your own stock. Or set aside a few hundred million of your ill-gotten gains into a Countrywide Customer and Ex-Employee Assistance Fund. Yeah, I didn't think so.
Here's HP'er Seth Jayson at Motley Fool on the bizarre goings-on at Countrywide. Enjoy. And someone get me one of those wristbands! (note I'm short CFC via Oct puts)
Countrywide CEO Angelo Mozilo -- the aforementioned butcher's son -- might be right about things being "personal," but he's completely misguided on the identity of the victims in this story. It ain't Countrywide, and it ain't Mozilo.
But for all those poor souls that were bum-rushed into risky loans during a dangerous housing bubble, and who may lose them as interest rates reset, this is now intensely personal. There are few things more personal than the danger of being tossed out of your home because you can't afford the gimmicky loan you little understood, and whose risks you weren't prepared to assume.
But you're not fooling anyone, Mr. Mozilo. We know exactly what you did during this bubble: You fanned the flames while cashing out hundreds of millions of dollars, leaving everyone else holding the bag, including 12,000-plus employees who are getting the ax while you enjoy those millions.