G. Kennedy Thompson Securities and Exchange Commission, he will get a severance of $1.45 million and accelerated vesting of $7.25 million in restricted stock. Thompson had served the company for 32 years. Lanty Smith replaced Thompson as interim CEO. On July 10, 2008 Robert K. Steel, the former Treasury Undersecretary and Goldman Sachs Group Inc. executive, took over as CEO of Wachovia Corp. However, Wachovia only survived for two more months before it was forced to merge with Wells Fargo. While CEO of Wachovia in 2007, G. Kennedy Thompson received a total compensation of $15,653,559, which included a base salary of $1,090,000, a
Credit crunch Many times, a credit crunch is accompanied by a flight to quality by lenders and investors, as they seek less risky investments (often at the expense of small to medium size enterprises). A credit crunch is often caused by a sustained period of careless and inappropriate lending which results in losses for lending institutions and investors in debt when the loans turn sour and the full extent of bad debts becomes known. There are a number of reasons why banks might suddenly stop or slow lending activity. For example, inadequate information about the financial condition of borrowers can lead to