G. Kennedy Thompson 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 Capital Markets; president, First Union-Florida; senior vice president and head of First Union
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