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"I'm fairly confident that we're not going to do anything stupid. We have a history of not doing anything stupid." Angelo Mozilo, CEO of Countrywide Financial

Countrywide Financial (CFC) had a rough 2007 with the stock being down by 78% and all. So what should a company do? Celebrate, of course!

Countrywide Financial Corp., the nation's largest mortgage lender by loan volume, will host about 30 representatives of smaller mortgage banks for three nights next week at the Ritz-Carlton Bachelor Gulch ski resort in Avon. At one of the country's most-glamorous skiing spots, a regular room on a weekday starts at $750.

The first items on the agenda for guests arriving Monday evening are cocktails and ski fittings. Next is dinner at the Spago restaurant, whose menu includes Kobe steak with wasabi potato puree for $105. (For the budget-minded, pan-roasted buffalo filet with Kabocha pumpkin flan is $54.)

Since July, Countrywide has laid off 11,000 people. The company has now said that the ski trip is off.

Posted by edelfenbein at February 25, 2008 10:51 AM