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And he has disguised the identities of some of his co-workers and superiors.But Michaelson did witness the summer 2004 birth of Countrywide’s controversial PayOption loan, which allowed borrowers to make below-minimum monthly payments in exchange for taking on additional principal.With home prices having nowhere to go but up, borrowers could simply keep refinancing, the presenter said at the meeting in a nuclear-proof underground bunker known as the Vault.”Are you nuts?” Michaelson says he asked the group.Still, that was back when profits were growing, staffers were happy and the company’s image was pristine.”Countrywide proudly proclaimed, and most of its employees felt, including me, that we were doing something most noble and important for America,” Michaelson writes.Workers used the name of the company as a complimentary adjective (as in calling someone “very Countrywide”) cirque du soleil las vegas o . And Michaelson says the brand was so well regarded that he once suggested developing a line of “Countrywide-esque” homes, faucets and carpets.”We had class,” Michaelson writes cique soleil . “We were friendly, approachable, helpful, conservative, nice neighbors cir du soleil Cirque du Soleil – O tickets . And only a friend like that could attain the trust you need to help you with your pursuit of the American Dream.”The staff worked hard to sell that dream, generally logging at least 10 hours a day circ du solei . Prized traits were “velocity” and “fire in the belly” — “an odd mix of ‘don’t put off ’til tomorrow what you can do today’ and ‘if you ain’t runnin’, then you don’t have enough to do,’” Michaelson writes.”I wonder if the Human Resources cheerleaders who created those phrases truly knew that someday the money, and the opportunity, and the reign of Countrywide would end.”At the same time, Countrywide, like many corporations, was guilty of wasting time and money on executive retreats, he says.On a more somber note, the book contains interviews with borrowers who ended up in foreclosure.Easy lending practices were only part of the problem, Michaelson says, adding that he never witnessed any wrongdoing at Countrywide, which is now part of Bank of America Corp (BAC.N).”This will not be a salacious ‘tell-all,’” he writes.
“In fact, I don’t even need any confidential information to tell this true, dramatic story of the behavior of corporate people, and the moral conflicts they faced from within a bubble.”(Reporting by Lisa Von Ahn; Editing by Eddie Evans) . WASHINGTON–(Business Wire)–Speaking on behalf of the European Commission, European Commissioner forHumanitarian Aid Louis Michel today expressed his complete “shock and dismay” atthe shelling of the United Nations’ compound in Gaza and offered his fullsupport for UNRWA’s (United Nations Relief and Works Agency) decision to suspendits operations following the incident.”I am deeply shocked and dismayed to learn of this incident,” said CommissionerMichel circ du soleil . “Since the outbreak of the fighting I have made it very clear that allsides must respect international humanitarian law circ du soleil o . It is unacceptable that theUN headquarters in Gaza has been struck by Israeli artillery fire . UNRWA and itspersonnel must have their security guaranteed to ensure they can carry out theiressential work and assistance to the civilian population in Gaza. This is a veryserious incident and there must be a full and independent investigation.” The European Commission is the largest donor to UNRWA with an overall annualcontribution of 113 million euros in 2008.
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