Monday, October 06, 2008

Memo to Wachovia:

Not only did your CEO [bury your company under a mountain of the most poorly priced California real estate in history, have to check my facts on this -- apparently he came on after Golden West was bought] he also breached a contract with Citi and exposed your company to untold liability in the process. Oh, and he also sold your company at the bottom but, hey, there were no other bidders and he was obviously desperate.

And then there are the consequences for the markets at large and the FDIC's attempts to stabilize them, which suffer as a result of the CEO's disregard for his commitments. He has singlehandedly set an example of how to demolish what little confidence is left in the asset markets.

He may think he's shrewd, or badass. But he looks like a complete ass who's caving in under the enormous pressure he must be facing. You really ought to ask him to step down.


Post a Comment

<< Home