Important Update: It seems the Times simply folded the story in to the larger story covering Countrywide; and it appears that the information is correct - people are pulling out cash in droves. You can read the wider article here, and I’ve reproduced the paragraph in question from that article:
Meanwhile, customers crowded into branches of Countrywide Bank today to withdraw as much as $500,000 at a time because of concerns about the financial problems of the mortgage lender that owns the bank.
ORIGINAL POST:
Check out this oddity. It should raise some eyeballs, to say the least. My initial contact with the LA Times thought that it could be a mean-spirited prank/hoax. Never the less I thought I’d share it here and play in to the hoax if it is found to be phony. If Google’s wrong, I’m wrong.
If you Google News Countrywide Bank you get the following as the first entry in the results:
Customers withdrawing from Countrywide Bank
Los Angeles Times, CA - 2 hours ago
Customers crowded into branches of Countrywide Bank today to withdraw as much as $500000 at a time because of concerns about the financial problems of the …
But if you click the link it is a bad link and it does not appear on the LA Times website or anywhere else.
I’ve provided a screen capture here in case it disappears from the engine.
So what gives? An error by the LA Times? A ruse by techies looking to sully Countrywide further? A forced retraction? Other?
Anyone? Anyone? Bueller?
Please note that I have no confirmation of any information in the Google News search engine nor cannot and will not speculate as to the validity of this story - it has not been confirmed at all by any one.
The real news is that people are spooked and pulling cash out in droves; probably fueled by the fact that nearly 40% of the $57 billion in deposits were NOT FDIC insured.
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[Source: Blown Mortgage]
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