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
Environmental credit crunch repaid (lowering their future standard of living relative to its potential). In environmental terms, credit can be thought of as raising today’s standard of living through the consumption of finite resources (like oil). This action will lower the future standard of living, as future consumers will be denied to opportunity to consume. A credit crunch occurs when the act of using credit is no longer possible, normally as a result of a significant exogenous shock. A financial credit crunch is normally the result of a sharp decline in the willingness of banks of financial markets to lend money. In environmental