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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.
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.
Wachovia, WaMu still in big troubleThose ill-fated twins of the subprime-mortgage calamity, Washington Mutual and Wachovia, are getting clobbered again, after some dramatic housecleaning at the top.
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