Ken Thompson is out at Wachovia, kicked to the curb by his board. That is the old news. The new news? That Wachovia may be bought should it share price continue to slide.
As we mentioned a couple weeks ago when Thompson was removed as chairman of the board but kept his CEO hat, only the weakness of other financial services players has kept Wachovia from becoming a takeover target. That may no longer be the case.
One whisper — that Merrill Lynch might be interested. But that assumes someone, somewhere has a handle on Wachovia’s exposure in California via the Golden West debacle. No one does that I know of.
Stay tuned.
Update: Here’s Bob Morgan and Michael Smith whistling past the graveyard, lauding the Wachovia Arts Tower and “civic engagement” under Thompson.
