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Current DateTime: 05:04:33 27 Nov 2009
LinksList Documentid: 31388230
Expiration DateTime: 11/27/2009 5:06:10 PM
    • Shopper & Investor Deals  25 Nov 2009

        A look at what's likely to happen at the registers once the doors open on Friday, with Richard Hastings, Global Hunters Securities; Richard Jaffe, Stifel Nicolaus & Co. and CNBC's Jane Wells.

    • Black Friday: Bargain or Bust?  25 Nov 2009

        Whether the deals are better than what shoppers will usually see or if it is just another marketing tactic, with Hitha Prabhakar, Style File Group; Brad Wilson, BlackFriday2009.com and CNBC's Jane Wells.

    • Holiday Central  25 Nov 2009

        A discussion of the many ways retailers are preparing for Black Friday, live from K-Mart in Burbank, CA, with CNBC's Jane Wells.

    • Retailers Getting Ready for Black Friday  25 Nov 2009

        Retailers are getting ready for Black Friday, and CNBC's Jane Wells has the play by play. Stacy Janiak, of Deloitte, shares her insight.

    • Amazon vs. Wal-Mart  24 Nov 2009

        What began as a price war between Wal-Mart and Amazon over a handful of books has nos spread to a wide assortment of consumer goods. Lee Eisenberg, a noted retail expert and consumer behaviorist, and CNBC's Jane Wells discuss.

    • Prices to Be Thankful For  24 Nov 2009

        A decrease in food prices is something to be thankful for this holiday, reports CNBC's Jane Wells.

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Current DateTime: 05:04:34 27 Nov 2009
LinksList Documentid: 31388237
Expiration DateTime: 11/27/2009 5:06:17 PM
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Funny Business

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Nov.12
3:38 PM ET
Monday, 12 Nov 2007
Countrywide Is Hiring? (What About Those Layoffs!?)

In a filing with the SEC, Countrywide [CFC  Loading...      ()   ] reports that it's one ratings cut away from junk...and a whole lotta trouble. I keep waiting for the sky to fall in Calabasas. It isn't.

I live near Countrywide headquarters in Calabasas, Calif., out in Thousand Oaks, where Countrywide Bank is based. Here, there are two major employers--Countrywide and Amgen [AMGN  Loading...      ()   ] . Both have problems, both have announced layoffs. But when I ask dry cleaners and hair dressers and dentists if they're seeing a drop off in business, they tell me they're only losing Amgen business.

It's almost as if the scientists and researchers at Amgen have hunkered down to wait this one out, while the realtors and salesmen at Countrywide still continue to spend. There are 600 Countrywide layoffs planned for this month across Southern California, but less than half of those are out near headquarters, and that is a far cry from the 10,000-12,000 job cuts Countrywide announced company wide in August. It seems these cuts are coming in dribs and drabs, devastating those who get pink slips, but not yet making a huge impact on the community.

It seems odd to me. But am I not getting the whole story? Are Countrywide employees oblivious to the potential downside reported by their own company? Has Countrywide exaggerated potential job cuts in an effort to buy sympathy from the Fed and the debt markets?

Meantime, go to the Countrywide web site, and they have more then 2,800 job OPENINGS. Type in "foreclosure" in the search box and you'll find 49 jobs available. Some are "Bilingual Workout Negotiators," who try to help people keep their homes. But there are also "Foreclosure Specialists," who have the responsibility of "Mitigating loss and legal risk to Countrywide and its investors by accurately managing the foreclosure process."

I also know personally that the company is interviewing appraisers who can specialize in revaluing repossessed homes. I know some out-of-work appraisers who need a job after the housing boom burst. When a door closes...

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