Thursday, October 4, 2007

Countrywide launches “PR Blitz”

Countrywide officials must have noticed all the negative publicity that emerged lately, so now they’re starting a PR campaign in hopes to improve the company’s public image. Maybe I’m being cynical, but asking your employees to wear green wristbands (why green?) saying “Protect Our House” (!) is a little desperate.

It is hard to obtain reliable information on Countrywide’s lending practices and compensation structure, but the drop in share prices, Angelo Mozilo’s shameless unloading of company stock and a number of other events that grabbed public attention in recent months are pretty obvious and straightforward indicators of problems within the company and its financial standing. Maybe some of the bad publicity is false, maybe it’s exaggerated, but there’s hardly any doubt that this PR campaign is a response to disruptions within Countrywide that can’t be fixed by saying “Don’t worry, everything’s OK”, “we won’t take it!” (the bad publicity, that is), or by wearing a wristband. Waiting for more news on this.

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