by Calculated Risk on 6/02/2008 09:33:00 AM

From the WSJ: Wachovia Ousts Thompson, Smith Will Be Interim CEO

[Wachovia] said Monday that board members have forced [CEO G. Kennedy Thompson] to retire from the company he has run for eight years.
...
Wachovia posted bigger-than-expected losses in April, battered by sinking credit quality and the ill-timed acquisition in 2006 of Golden West Financial Corp., the Calabasas, Calif., mortgage lender.

It was the acquisition of Option ARM lender Golden West in 2006 that caused many of these problems. Most losses to come ...