Cameron Harris sues Wachovia execs Oct 8, 2009
In the suit, Harris alleges Thompson misled investors about the health of the company through various public statements following its 2006 purchase of Golden West Financial Corp. The suit also alleges Thompson and former bank executive Ben Jenkins misled Harris about his investment during private conversations, including during a hunting trip in February 2008 and a trip to Florida last year. The suit lists Thompson, Wachovia, (NYSE:WFC) and former bank executives Jenkins, Don Truslow, Tom Wurtz... (Charlotte Business Journal, NC)
Wachovia shareholders vie to sue bank again Aug 29, 2009
And they re willing to go three years back in time to the days of the Golden West Financial Corp. deal to recover losses. Right now, N.C. Business Court Judge Albert Diaz is considering a settlement proposal in a class-action case over s purchase of Wachovia brought by New York shareholder Irving Ehrenhaus. (Charlotte Business Journal, NC)
Judge hears Wachovia investors gripes Aug 21, 2009
Many of the objecting parties feel Wachovia s management harmed shareholders by reckless actions before the merger, including the company s 2006 purchase of Golden West Financial Corp.. I think a lot of the objectors are saying, If you d let me sue the pants off the board of directors for what happened before the merger, I ll be happy, Diaz said. (Charlotte Business Journal, NC)
Business.view: All the news that's free to print Jul 22, 2009
One is , which funds investigative journalism from an endowment given by Herbert and Marion Sandler, the founders of Golden West Financial, a big subprime lender (making it one of the few good things to come out of America s mortgage mess). The Knight Foundation has also recently become a donor. (The Economist)
Ex-Wachovia CEO at private-equity firm May 29, 2009
Last June, Wachovia s board ousted Thompson after the company s purchase of Golden West Financial Corp. led to massive losses at Wachovia and sent its stock price into free-fall. In September, buffeted by the financial crisis and on the brink of failure, Wachovia was pressured into a sale by federal regulators. (Charlotte Business Journal, NC)
Former Wachovia CEO joins NY private equity firm May 28, 2009
It's been nearly a year since Charlotte-based Wachovia said its board had removed Thompson as losses mounted from his acquisition of Golden West Financial and other actions. Less than four months later, Thompson's replacement, Bob Steel, agreed to sell Wachovia to San Francisco-based Wells Fargo. (Fresno Bee -- Local)
Ken Lewis Out As Bank Of America Chairman Apr 30, 2009
O'Donnell, noting that Wachovia had an ill-fated purchase, mortgage lender Golden West Financial Corp., also likened Thompson's situation to Lewis. "I think the Golden West debacle is one that's a pretty good analogy for this scenario," O'Donnell said. (CBS News)
Citigroup to buy Wachovia banking operations (40) Apr 12, 2009
The agreement comes after a fevered weekend courtship in which Citigroup and Wells Fargo oth were reportedly studying the books of Wachovia Corp., which was weighed down by losses linked to its ill-timed 2006 acquisition of mortgage lender Golden West Financial Corp. ... Wachovia s problems stem largely from its acquisition of Golden West Financial for 24. (Somerset Daily American, PA)
Center for Consumer Freedom: Center for 'Responsible' Lending Statistics on Short-Term Payday Loans Miss the Mark Apr 11, 2009
CRL's founders and most prominent funders, Herb and Marion Sandler, made their fortune at subprime lender Golden West Financial ... The U.S. Department of Justice and the Securities and Exchange Commission are currently investigating Golden West Financial for predatory lending and fraudulent representation to investors. (PR Newswire)
Lawsuits, investigation target Golden West Feb 28, 2009
is the subject of government probes and several shareholder lawsuits stemming from Wachovia Corp s acquisition of Golden West Financial Corp., according to a filing with the Securities and Exchange Commission. The class-action suits allege misleading disclosures about Golden West s mortgage portfolio, collateralized debt obligations and other problem loans. (Sacramento Business Journal, CA)
The liquidationist alternative Feb 19, 2009
"Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate ... It will purge the rottenness out of the system. High costs of living and high living will come down. People will work harder, live a more moral life. Values will be adjusted, and enterprising people will pick up from less competent people.'' Mellon then foolishly remained at Treasury until 1932, a powerless spectator of the opposite approach taken by president Herbert Hoover, tarnishing his reputation for the... (Asia Times Online)
World Of Trouble Feb 16, 2009
In 1963, they started Golden West Financial and grew to 285 branches under the name World Savings. The Sandlers' were known for careful, conservative lending. (CBS News)
Charlotte in same jam as Wall Street Feb 16, 2009
Some say Charlotte's troubles began in 2006, when Wachovia acquired mortgage lender Golden West Financial Corp. for roughly $25-billion at the height of the housing boom. With that purchase, Wachovia inherited a $122-billion portfolio of deteriorating mortgages, leaving the company with huge losses. (Globe and Mail -- Business)
