Tuesday, June 3, 2008

Golden West Deal Kills Wachovia's CEO

By Chris Thompson
Tue, Jun 3, 2008 at 2:58 PM

How bad was Wachovia CEO Ken Thompson's decision to buy Oakland banking firm Golden West Financial at the height of the housing bubble? Bad enough to cost him his job. Yesterday, Wachovia's board gave Thompson the big dirty sack, as the North Carolina financial giant has been stuck with billions in bad mortgage debt it acquired from Golden West. So far, the New York Times reports, Wachovia has had to mark down $5 billion in assets, cut its dividend by 41 percent, and lay off five hundred employees. Now, Kenny boy's one of 'em!

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