Excellent coverage of the downfall of Wachovia

The Observer put together a pretty good paper this past Sunday. A highlight was Rick Rothacker's long piece on Wachovia. It focused on the Golden West deal and how Wachovia's top brass essentially chucked its conservative culture, ignored its collective instincts, and dove head-first into the murky and ultimately deadly world of subprime mortgages. Ken Thompson didn't comment in the article, but Herb Sandler, the man who sold Golden West to Wachovia did. Amazingly, he seems to still think that his former company's mortgages weren't that bad, even as the article portrayed Golden West reps who wanted to hawk loans in flea markets and malls (Wachovians passed on those brainstorms.)

It's just a shame that that sort of reckless greed will affect the jobs of thousands here and elsewhere.

PS I was planning/hoping to write a sports column blog entry today. But the Davidson Wildcats and the Panthers foiled that. Here's hoping the Stephen Curry regains his form and the Panthers' D tightens up. 

Categories: The Buzz, Trade & Tryon, Trade & Tryon > Business