You know things are bad when even the top dogs are getting chased. Wachovia, the fourth-largest bank in the US, has just become the latest US banks to fire its CEO.
Wachovia said that Ken Thompson would be retiring at the request of its board of directors but retiring is just another codeword for getting canned. Not that this is unexpected, the bank lost $708m in the first three months of 2008! For all those who thought the finance crisis is about to over, read this and weep!
As Mr. Thompson's departure illustrate, things are still bad and if legendary investor Warren Buffet is to be believed, things will get a lot worse before it get better. Get ready for more pain