First, there's this about Countrywide Mortgage.
The Calabasas, Calif.-based company lost $422 million, or 79 cents per share, during the fourth quarter, compared with earnings of $622 million, or $1.01 per share, during the same period the previous year.
Revenue for the quarter totaled $1.2 billion, down 58 percent from $2.8 billion in the prior-year quarter.
Still, at the open of trading Tuesday, Countrywide shares rose 38 cents, more than 6 percent, to $6.33.
They're laying off over 11,000 employees. Also, they're being acquired by Bank of America (which itself is having financial problems) for less than they are supposedly worth. Going through the entire article, virtually every indicator shows a company in severe financial trouble.
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