29 May 2008

Bank of America Cans Countrywide CEO

Something weird is going on. Bank of America just fired David Sambol, Countrywide's president and chief operating officer (technically, he's retiring), when they had previously said that he would head their combined mortgage operation.

My guess that someone uncovered some more "chocolaty goodness" at the center of Countrywide...only it wasn't chocolate.

It might also be some sort of attempt to queer the deal on BoA's part, because they realize that it's a really bad idea.

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