NBC4: Botched layoffs at Countrywide

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KNBC-TV in Los Angeles is reporting that Countrywide botched the internal announcement of massive layoffs when an e-mail listing names of employees to be laid off was mistakenly circulated internally before the employees had been notified. You can watch the video here; it includes one laid-off employee saying, ‘To have your business spread out so the whole region knows where you’re at -- if you’re being terminated or written up -- it’s embarrassing.’

Countrywide has also been hit with an employee lawsuit alleging that the company withheld information about its financial health and caused the value of their retirement plan to drop. Countrywide told Bloomberg, ‘... we do not believe the case has merit, and we will defend it vigorously.’

Photo Credit: EPA via L.A. Times
Hat tips: investorguy, Cal
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