Thompson's legacy at Wachovia

Ken Thompson's career was built on savvy deals only to be undone by a single deal. The make-the-man deal was First Union's merger with Wachovia. As CEO of First Union, Thompson struck a savvy deal that paid Wachovia shareholders a middling premium; he also retained the Wachovia brand. Another deal added Prudential Financial's brokerage staff to Wachovia without having to pay a dime. The deal that overshadowed all, however, was his disastrous plunge into the California mortgage market at exactly the worst time. In hindsight, the $26 billion deal for Golden West was either going to make him or break him. Wachovia would end up an elite bank, or Thompson would have to pay. The board made him pay.

For more:
- here's the Business Week article

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