A lot of people are soon to be out of a job, and with little warning. 

Yes, this bank was very aggressive, and their management quite prideful.  It may seem easy to judge, and maybe even just say "they" had it coming...its the efficiency of the market, and other such platitudes. 

But I have seen layoffs at a few banks, and was within eyesight of one bank closure.  "They" are often secretaries, janitors, people just trying to make a simple living.  They have no idea what Countrywide does as a business.  They had no say, and got little of the bonuses and stock options...if any.  But losing a solid paycheck, in an area where it might be pretty hard to find a replacement, they do feel that.  Its not a lot of fun, seeing folks (men and women) crying out of fear and shock.  No fun at all. 

This is why the senior management of a bank have far more responsibility than just to make a quick killing, and take maximum risk.  It is not an easily  measurable financial responsibility, but one that a decent person can see easily.  In trying to run a bank for the long run, you do a service to all; the community, the shareholders, and yes even the workers.  Isn't that a generally more desirable outcome?  Doesn't that really seem more "efficient"?

Anyway, I just feel bad for these folks.  Its not a good time to get laid off.  Maybe if Countrywide management was a bit more restrained, saw their business as something that could survive them, maybe a lot of excesses...including mass layoffs...would not now be necessary.  

Ok, so flame for being a bleeding heart.  But would you like to wake up one day, and find your job is gone, despite doing good work?  You house is diving in price, because many neighbors are forced to sell and move?  I think few of us would believe we deserved that.

Most of the every day workers at Countrywide don' t deserve that.