Countrywide Under Fire From The Inside
Things just keep getting worse at Countrywide. If it wasn’t for the employees that would be affected I wouldn’t mind seeing them take a big tumble.
Some Countrywide Financial Corp. employees sued the mortgage lender Wednesday, claiming they suffered heavy losses in their 401k retirement accounts after the company failed to warn them about the depth of its financial troubles.
The lawsuit, filed in U.S. District Court in Santa Ana, seeks class-action status and names as defendants Countrywide Chairman and Chief Executive Angelo Mozilo and benefits committee members in charge of the retirement plan, according to attorney Steve Berman, who is representing the plaintiffs.
He said employees decided how much of their salary to set aside in their retirement plan based in large part on their understanding of the company’s financial health.
But those overseeing the plan failed to warn workers or intentionally concealed key information, the lawsuit claims.
It sounds to me like the party is just starting.
Smorty. A Good Business Decision.
I love blogging. I have been doing it for over ten years, and I love it just as much today as I did ten years ago (especially because the software makes it a hell of a lot easier to do these days).
Blogging has always helped me “relate” to the world outside my door, and now it’s going to help me “relate” to some of the bills that have been stacking up. You see, I have joined Smorty, a service that connects advertisers to bloggers, and I will get paid to blog on the topics I choose to accept from the service.
Don’t worry, the overall content won’t be changing, but I might add a few personal reflections to some of the posts from time to time, if that’s alright with you.
I never knew I could make money blogging or that there would ever come a time when people could blog for money. It’s incredible really. I’ll continue blogging about the business topics I think are interesting to you, and even make a few bucks for coffee and biscotti from time to time.
Fox Business Network To Debut In October
Rupert Murdoch’s News Corp will launch a new business channel for US cable subscribers on October 15, in a direct challenge to market leader CNBC, operated by General Electric Co’s NBC Universal.
In a statement, News Corp said the Fox Business Network will be headed by Neil Cavuto, a Fox News senior vice president.
I’m surprised it took Rupert Murdoch this long to get FBN out of the gate.
Burger King Plays Catch Up
Here’s the skinny.
Burger King is once again following the industry leaders.
Burger King said Friday it will use trans-fat-free cooking oil at all its U.S. restaurants by the end of next year, following in the footsteps of other leading fast-food restaurants.
The world’s second largest hamburger chain said it was already using zero trans-fat oil in hundreds of its more than 7,100 U.S. restaurants nationwide.
Burger King is known for its flame-broiled burgers, but uses cooking oil for its french fries and most of its chicken products.
For the record, it was Wendy’s that started using trans-fat free oil first, then McDonalds. At least, at Burger King, you can still “have it your way”.