After the Wall Street Journal reported last week that Countrywide was treating 30 mortgage bankers to an extravagant three day trip ski trip in Colorado, the excursion was abruptly cancelled yesterday.
The Journal noted last week that the beleaguered mortgage lender was planning to treat the correspondent lenders to fancy dinners at places like Spago, “whose menu includes Kobe steak with wasabi potato puree for $105,” while putting them up at the Ritz-Carlton where weekday rates run at $750 a night.
Meanwhile, the New York Times reported that the trip was scrapped “in light of recent events,” according to a statement they obtained from the lender.
In recent months, Countrywide laid off nearly 12,000 employees, saw its loan production plummet, and finally succumbed to a buyout from Bank of America.
Sprinkle on pressure from more than 100 consumer advocacy groups and its safe to say that dining at an ultra-luxurious cabin that you can only reach via snowmobile is probably in bad taste.
Bizarre to say the least…
(photo: timothy lloyd)