Friday, April 13, 2007

Former Chief of CountryWide: “It will all end in tears”

Countrywide boss has a dig at private equity

The outgoing chairman of Countrywide took a surprise parting shot at private equity after shareholders at his estate agency group approved a £1.05bn bid from US buyout firm Apollo Management.

He added: "If there's a market downturn in the western economies, a lot of these highly leveraged private equity buyers are going to find themselves in difficulty. I would hate to see it happen to Countrywide."

He said that in 1973, when the oil crisis precipitated a global economic recession, all the companies that went bust were over-borrowed and incorrectly financed. "It's all fine at the moment, but it will end in tears," he said.

Posted by lvmreader @ 06:49 PM (477 views)
Please complete the required fields.

One thought on “Former Chief of CountryWide: “It will all end in tears”

  • Why have Apollo (the eagle has landed) made such a bad call?

    Reminds me of insurance companies buying estate agents in the late 80’s ooopppsss!!!!!!!

    Please complete the required fields.

Add a comment

  • Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
  • Please note that any viewpoints published here as comments are user´s views and not the views of
  • Please adhere to the Guidelines

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>