The passing of time is not easing Wachovia Bank’s pain.
First, it reports billions in losses and write downs from deteriorating credit and housing markets and from its involvement in the subprime mess. Then it ousts its long-time chief executive Ken Thompson.
Now comes word that the bank is consulting with Goldman Sachs on its loan portfolio.
All the while rumors of a takeover persist.
You can argue that Wachovia brought all this on itself.But think about all the employees — including those who came over from the Golden West acquisition, which brought Wachovia to Wichita a year or so ago — who put everything they can into their work and company every day, trying to do the right thing, and hearing a string of bad news almost every day.
Talk about a bummer.