Wachovia & Washington Mutual Go BOGO on CEO's
The Nattering One muses... Its a banner day for our WWW (WaMu, Wachovia, Wells Fargo) hall of shame.
Don't be "Stumpf-ed" faithful Naybob's, the last shoe (Wells Fargo) will drop soon enough.
Washington Mutual, the savings and loan that got a $7 billion capital infusion from TPG, after a Q1 loss of $1.14 billion...
said CEO Kerry Killinger will step down as chairman following investor complaints for an 80% decline in market value in the past year.
Shareholders voted at the company's annual meeting in April to remove Killinger from the chairman's post after losses on mortgages and two dividend cuts.
Washington Mutual said then it could lose as much as $19 billion in the next three to four years on home loans depending on U.S. economic conditions.
Killinger, who along with his executives had voted to protect their own salaries and bonuses...
joins Citigroup's Charles O. "Chuck" Prince and Merrill Lynch's Stan O'Neal in the CEO Hall of Shame.
But wait, if you order now, that's not all you get... It's buy one, get one free day for crappy CEO's...
Wachovia ousted Kennedy Thompson as CEO of the fourth-largest U.S. bank
after the board blamed him for losses that cost the lender more than half its market value in the past year.
Thompson took his big fall May 6 when the bank said its Q1 loss was $708 million, 80% more than what Wachovia previously reported, because of writedowns for bank-owned insurance policies.
Wachovia cut its dividend by 41% in April and raised about $8 billion in new capital.
Don't be "Stumpf-ed" faithful Naybob's, the last shoe (Wells Fargo) will drop soon enough.
Washington Mutual, the savings and loan that got a $7 billion capital infusion from TPG, after a Q1 loss of $1.14 billion...
said CEO Kerry Killinger will step down as chairman following investor complaints for an 80% decline in market value in the past year.
Shareholders voted at the company's annual meeting in April to remove Killinger from the chairman's post after losses on mortgages and two dividend cuts.
Washington Mutual said then it could lose as much as $19 billion in the next three to four years on home loans depending on U.S. economic conditions.
Killinger, who along with his executives had voted to protect their own salaries and bonuses...
joins Citigroup's Charles O. "Chuck" Prince and Merrill Lynch's Stan O'Neal in the CEO Hall of Shame.
But wait, if you order now, that's not all you get... It's buy one, get one free day for crappy CEO's...
Wachovia ousted Kennedy Thompson as CEO of the fourth-largest U.S. bank
after the board blamed him for losses that cost the lender more than half its market value in the past year.
Thompson took his big fall May 6 when the bank said its Q1 loss was $708 million, 80% more than what Wachovia previously reported, because of writedowns for bank-owned insurance policies.
Wachovia cut its dividend by 41% in April and raised about $8 billion in new capital.
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