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Free Internet Press (Free subscription) | 07/23/2008
Wachovia Corp. lost a staggering $8.9 billion in the second quarter of this year, leading the nation's fourth-largest bank to cut its dividend and slash 6,350 jobs in response to mortgage-related losses. Wachovia is being hurt by its $25 billion acquisition of California's Golden West Financial Corp. in 2006, a California lender known for novelty mortgages that are now defaulting at a higher rate than...
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DealBook (Free subscription) | 07/22/2008
Wachovia on Tuesday reported a $8.9 billion loss for the second quarter and slashed its stock dividend to 5 cents per share from 37.5 cents, as the giant lender continued to suffer from the crisis in the credit markets and the hangover from its ill-timed acquisition of Golden West Financial in 2006. It was the second [...]
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The Bonddad Blog (Free subscription) | 07/01/2008
From the WSJ: In a reversal, Wachovia Corp. said Monday it would stop making option adjustable-rate mortgages, which were why the bank bought Golden West Financial Corp. but is now stuck with more than $120 billion of the rapidly souring loans. Wachovia also said it will let option-ARM borrowers escape prepayment penalties, but loan balances likely have swelled too big for many of these borrowers to...
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Hot Property (Free subscription) | 07/01/2008
When Wachovia bought Golden West Financial two years ago, executives at the Charlotte-based bank gushed about how they could take the “Pick-A-Pay” mortgage that was Golden West’s signature product and expand it to the rest of its customer base nationwide. The product was a mortgage that gave borrowers several choices each month on how much to pay—a regular payment (the kind you’d make on a 30-year...
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Seattle Times (Free subscription) | 06/04/2008
It's the most basic rule of investing: Buy low, sell high. Former Wachovia Corp. chief executive Ken Thompson couldn't escape his disastrous decision to buy Golden West Financial Corp. for roughly $25 billion at the height of the nation's housing boom. He was pushed out Monday, the same day crosstown rival Ken Lewis was busy defending his deal at Bank of America Corp. to buy Countrywide Financial Corp....
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San Fransisco Chronicle (Free subscription) | 06/04/2008
It's the most basic rule of investing: Buy low, sell high. Former Wachovia Corp. chief executive Ken Thompson couldn't escape his disastrous decision to buy Golden West Financial Corp. for roughly $25 billion at the height of the nation's housing boom. He was...
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http://strumors.com/rss/top (Free subscription) | 06/04/2008
At the request of the board, Ken Thompson has retired from his position as chief executive officer. Much of Wachovia's current financial issues are with his decision to acquire Golden West Financial Corp in 2006 exposing the bank to an onslaught of bad housing loans. The stock dropped over 6 percent immediately following the news.
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San Diego Union (Free subscription) | 06/03/2008
CHARLOTTE, N.C. – Less than a month after losing his chairman post, and more than two years after an ill-timed acquisition of California mortgage lender Golden West Financial, Wachovia Corp. said yesterday that board members have forced CEO Ken Thompson to retire from the nation's fourth-largest bank.
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Business Week (Free subscription) | 06/03/2008
The board referred to a series of setbacks, but paying $25 billion for Golden West Financial at the housing bubble's peak clearly led to the CEO's ouster.
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The Washington Times (Free subscription) | 06/03/2008
CHARLOTTE, N.C. | Less than a month after losing his chairman post and more than two years after an ill-timed acquisition of California mortgage lender Golden West Financial Corp., CEO Ken Thompson was forced to retire from Wachovia Corp., the nation's fourth-largest bank.
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Tampa Bay Online (Free subscription) | 06/03/2008
Less than a month after losing his chairman post and more than two years after an ill-timed acquisition of California mortgage lender Golden West Financial Corp., Wachovia Corp. said Monday that board members have forced CEO Ken Thompson to retire from the nation's fourth-largest bank.
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Democratic Underground (Free subscription) | 06/03/2008
Source: [b]Associated Press[/b] By IEVA M. AUGSTUMS CHARLOTTE, N.C. (AP) - Less than a month after losing his chairman post, and more than two years after an ill-timed acquisition of California mortgage lender Golden West Financial Corp., Wachovia Corp. (WB) (WB) said Monday that board members h...
