President Of Impac Mortgage Pulls Money Out of Countrywide Bank
If a run on a bank was not so serious, this would be even more funny than it is. Bill Ashmore, president of Impac Mortgage which just barely survived going into bankruptcy and is essentially a holding company now, raced over to the Countrywide Bank offices to get his money out. He had a $500,000 deposit in the banking arm of his biggest competitor, Countrywide Financial Corp.
It makes me think of the Burger King manager buying McDonald’s stock.
Bill Ashmore drove his Porsche Cayenne to Countrywide’s Laguna Niguel office and waited half an hour to cash out $500,000, which he then wired to an account at Bank of America.
“It’s because of the fear of the bankruptcy,” said Ashmore, president of Irvine’s Impac Mortgage Holdings, which escaped bankruptcy itself recently by shutting down virtually all its lending and laying off hundreds of employees.
“It’s got my wife totally freaked out,” he said. “I just don’t want to deal with it. I don’t care about losing 90 days’ interest, I don’t care if it’s FDIC-insured — I just want it out.” via the ajc.com
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