Wachovia/Thompson: New broom risk

Wachovia’s ouster of boss Ken Thompson caught some shareholders by surprise. Sure, many called for his head after the bank’s first-quarter earnings rout. But the timing of his departure was curious. The bank has no obvious successor, and the board continued to sing Thompson’s praises even after its recent losses. So investors are understandably concerned that mounting problems have forced the board to act pre-emptively. The timing may not be much of a mystery. The board probably felt it had to ...