G. Kennedy Thompson cash bonus of $0, stocks granted of $12,351,369, and options granted of $1,925,933. G. Kennedy Thompson G. Kennedy "Ken" Thompson (born November 25, 1950) is an American businessman who was previously chairman, president, and CEO of Wachovia Corporation, formerly First Union Corporation, from 2000 through 2008. First Union Corporation acquired Wachovia Corporation and changed its name to Wachovia in September 2001 after fending off a hostile takeover attempt by SunTrust Bank. Thompson succeeded Edward E. Crutchfield in 2000, who stepped down due to health reasons. Previous positions at First Union included vice chairman of the corporation and head of Global
Credit crunch cash flow from investments; only the appreciating asset value can keep the Ponzi borrower afloat. Often it is only in retrospect that participants in an economic bubble realize that the point of collapse was obvious. In this respect, economic bubbles can have dynamic characteristics not unlike Ponzi schemes or Pyramid schemes. Several psychological factors contribute to bubbles and related busts. These and other cognitive biases that impair judgment can contribute to credit bubbles and crunches. The crunch is generally caused by a reduction in the market prices of previously "overinflated" assets and refers to the financial crisis that results from