The weather forecast may call for snow and good skiing conditions in Avon, Colo., on Monday. But no one at the luxury resort, near Aspen, will be hitting the slopes , or eating $105 Kobe steaks , on Countrywide’s dime this week, the New York Times reports.

Countrywide Financial, the besieged mortgage lender, has canceled a gathering of bankers from smaller mortgage banks at the Ritz-Carlton Bachelor Gulch ski resort (where room rates begin at $725), Countrywide said in a statement on Sunday.

The company was to pay for 30 invited guests’ hotel rooms, meals, skiing and tips.

In the statement, the company said that “in light of recent events” it had decided to cancel all gatherings with business partners and clients for the rest of the year, moving quickly after being criticized for planning such an extravagant event.

The three-night gathering, which was to include business meetings as well as skiing, drinking and sampling expensive meals like $140 caviar and Kurobuta pork osso bucco at the Spago restaurant, had already drawn negative press. “Let ‘Em Eat Kobe Steak,” a headline in The New York Post sneered on Saturday.

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