Wachovia and Wa Mu Give Leaders the Boot

Wachovia ousted its CEO Kennedy Thompson, as the board opted to blame him for losses that cost the lender more than half its market value...so far. Meanwhile, in other juicy scapegoating news, Washington Mutual's Chairman Kerry Killinger stepped down, after shareholders voted to oust him in April. The board indicated it was responding to feedback from its shareholders. The board may also wish to canvas shareholders for some good ideas on how to stop losing buckets of money. Anyone with feedback in that department is welcome to put it on the shareholder's ballot for a vote. But you'd better hurry because we may not make it to the next shareholder's ballot...