the visible hand

it is the theory which decides what can be observed – einstein

Countrywide: Bank of America’s Big Gamble

Posted by ecoshift on January 13, 2008

Behind Bank of America’s Big Gamble – WSJ.com
By VALERIE BAUERLEIN and JAMES R. HAGERTY
January 12, 2008; Page A1

The endgame in Bank of America Corp.’s $4 billion takeover of Countrywide Financial Corp. began with a December phone call from Countrywide Chief Executive Angelo Mozilo to his Bank of America counterpart, Kenneth D. Lewis.

After more than six months of financial deterioration at Countrywide — despite a $2 billion infusion of cash from Bank of America in August — Mr. Mozilo said he was ready to throw in the towel, according to Mr. Lewis.

At the same time, having watched Countrywide dramatically retool its operations in a bid to survive, Bank of America executives began to believe Countrywide’s big U.S. mortgage business might be worth having.”

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