Wachovia Layoff

This is too easy:
Is Your Firm 'In Vogue' In This Credit Crunched World ?
news.hereisthecity.com/news/business_news/8001.cntns

The fortunes of firms operating in the financial markets have changed a lot in the last 6 months, with asset writedowns, quarterly losses and job cuts making life a lot more uncomfortable for many who work in them. We are now in a new world order, as firms that were only recently seen as employers of choice are struggling (and staff are sweating about their futures).
So we thought we'd compile a mid-Credit Crunch league table to ascertain which firms have come out of the market turmoil best so far. We have tried to identify which firms are now considered by existing staff and job seekers as 'hip' or 'in vogue'.

++++

i am part of the eloc dept that was reduced to flex sched as of 6/30/08... its a scary situation to be in, at thhis point we now truly feel like "sitting ducks"... i predict that packages are well on their way, just need to give HR sometime to catch up...

whats the truth111 in San Antonio, Texas said: i am part of the eloc dept that was reduced to flex sched as of 6/30/08... its a scary situation to be in, at thhis point we now truly feel like "sitting ducks"... i predict that packages are well on their way, just need to give HR sometime to catch up...

If they have changed the hours of those in you department so dramatically and by extension the nature of your jobs and how you do them - would you all be eligible for severance now? Print out a copy of the severance agreement on exchange - look for Golden West Severance for the correct document (if you were employed prior to 10/06).
Good god your most recent month BEC determines what you will get in severance - If they are cutting back your hours obviously your BEC will drop pretty dramatically as will what these fargin' Wachovia bastiges have to pay you.

Try to hang on for the package. COBRA is so expensive. I am too young for Medicare and too old to get hired for anything comparable to what my position was at World/ WB. It is tough to be "middle" aged and out of work. Prepare as best you can and follow the advise others here have given to get all your information and contacts together now. For people closer to my age you may want to look into working as a temp. It is a good way to get your foot in the door and show your skills. Be prepared to be flexible and you may need to look in different directions, but there are some good opportunities out there. Good luck all.

look into temp work. they are always glad to see the temp and do not expect as much as from the regular person and are usually very helpful. aslo if you don't want to work you can just not work for a day or two. many temp agencies offer computer training to update and improve your skills and insurance after you work X hours in a year. look into it.

PK1 in Milwaukee, Wisconsin said: wachovia may be cutting but Citi is expanding. call me if you're looking for an opportunity to build a business

Call me. Hmmm. Call him? What to call him ...

PK1, I've given this a lot of thought. From now on, your name is Flounder.

Phyllis Mangina in Witness Protection Program, Costa Rica said: Call me. Hmmm. Call him? What to call him ...

PK1, I've given this a lot of thought. From now on, your name is Flounder.

Phyllis, you crack me up!!!

outathebiz in bigcity said: This is typical. WB wants to "cut cost" yet they still continue to sponser events like this. Kind of like the golf tourny, or the Wachovia Center in Philly. What they pay out in a day to have their name on that building could have kept my job for quite some time. Instead I watched them play hockey games at the Wachovia Center while I contemplate how I'm going to pay my mortgage - a PAP by the way. If it's advise you want on finding jobs ect., I say start looking now, that severance goes real fast & it's nasty out here in the life after.....

AMEN...I'm getting laid off again! Look now please!

Nameless from nowhere for now in Limbo said: AMEN...I'm getting laid off again! Look now please!

Nameless, I'm sorry, that has to hurt! I know a few who have been laid off more than once by Wachovia. Fool me once...... (no offense ment please)

For all the World people!

www.youtube.com/watch?v=jnMXXpki8vI&feature=related

Like MLC said, you honestly think you would have lasted this long,

GET REAL !

It is sad that people would come into this forum and show such arrogance as HC. We are getting real. Wachovia made a very poor decision to purchase WSL -- and it was done out of pure greed and ignorance. The last I looked, the sign as I pull into work says "Wachovia". We are all in this boat together. I am not bragging, but at least I have the potential to get a severance package (who knows at this point). Stock at $16.13. I still haven't gotten over Lantry's big first proposal to save the company by reducing office supplies and travel... I could have come up with a better solution for what he is getting paid.

First Time in San Antonio, Texas said: It is sad that people would come into this forum and show such arrogance as HC. We are getting real. Wachovia made a very poor decision to purchase WSL -- and it was done out of pure greed and ignorance. The last I looked, the sign as I pull into work says "Wachovia". We are all in this boat together. I am not bragging, but at least I have the potential to get a severance package (who knows at this point). Stock at $16.13. I still haven't gotten over Lantry's big first proposal to save the company by reducing office supplies and travel... I could have come up with a better solution for what he is getting paid.

right on.

HC is in north carolina so HC is most likely an original wachovia clone and never worked for a company like World. have pity on HC, he does not know any better. he does not know what it's like to be a person instead of a number, to have a manager look for ways to improve his performance instead of casting blame, he has never received a christmas bonus or recognition for a job well done, have pity on HC.

HappyCamper in Charlotte, North Carolina said: For all the World people!

www.youtube.com/watch?v=jnMXXpki8vI&feature=related

Like MLC said, you honestly think you would have lasted this long,

GET REAL !

You may not be lasting too long either.

HappyCamper in Charlotte, North Carolina said: For all the World people!

www.youtube.com/watch?v=jnMXXpki8vI&feature=related

Like MLC said, you honestly think you would have lasted this long,

GET REAL !

Why would you even come to this forum? On top of it make an effort by going to youtube and find a video to post. Yeah, you sound really happy. I question your intentions but know it is due to lack of understanding of what it is like to have worked for a top drawer company. So as Audrey mentioned, I do feel sorry for you. The really sad part is that as long as you work for Wachovia you will never know.

Who said we wanted to be here this long? Wachovia just needs to do the responsibile, respectable and right thing and provide the severance package that the Sandlers generously left for their "kids"

Not much new on postings today. Does anyone know anything in store for the week of July 7th? My guess is that week will be a big layoff and news week. They will let everyone get through the holiday this week and come out with big news next week. Has anyone heard anything?

A few thoughts: Whenever a company is consulting an outside company for advice on their books....that smells acquisition talks to me. I never thought that a company the size of Wachovia would be vulnerable for a takeover....but I don't trust my first instincts on anything in this industry right now. Everything I thought was impossible 4 years ago is happening on a weekly basis. That stock keeps going down and if someone (chase) offers mid 20-30/share...you think the "big wigs" on the board with their own personal money at stake won't think about it? Absolutely they will.

So has anyone heard anything about what might happen next week? My gut tells me since portfolio lending is basically gone....the legacy world appraisal staff is gone along with most of the portfolio underwriters. There is no reason to keep them. Obviously a lot of inside support staff in retention and other departments would be gone too. VIP dept...etc. No reason for them. The thing I can't figure out is all the layers of legacy world middle management team. There are so many of those people pulling high salary. There is really no need for these people at this point. If Lanty wants to save money figure out how many middle managers there are in the company that do NOTHING productive for the association. There are a ton that's for sure. Keep your solid sales people that have low salary and overhead and base their income on production. Pay them well and get rid of the majority of middle management. Your good sales people don't need them anyway. They just slow them down and cost the company money.

My two cents

Does anybody know when the Southern California loan centers will be laid off? I'm tired of waiting already.

I find it interesting the lack of response from "in the real world". Obviously because this person makes vaild points. WAKE UP!! This is corporate america. The housing market is in the dumps. The Sandlers this the Sandlers that. THEY DON'T OWN THE COMPANY ANYMORE. The sooner you realize that the better off you will be. I do not consider myself a "WORLD" person even though I was hired under HLE. The WORLD people seem to have a false scense of reality and entitlement. The great thing about this country is you have a choice. If you are all so unhappy there are other job opportunities out there. So much time being spent and wasted on things that are out of your control.

to I Bleed World....do you have any estimated dates for the east coast layoffs? are they going to lay us off prior to august 1st?

all over ca in allover, California said: I find it interesting the lack of response from "in the real world". Obviously because this person makes vaild points. WAKE UP!! This is corporate america. The housing market is in the dumps. The Sandlers this the Sandlers that. THEY DON'T OWN THE COMPANY ANYMORE. The sooner you realize that the better off you will be. I do not consider myself a "WORLD" person even though I was hired under HLE. The WORLD people seem to have a false scense of reality and entitlement. The great thing about this country is you have a choice. If you are all so unhappy there are other job opportunities out there. So much time being spent and wasted on things that are out of your control.

Amen "all over" I'm really a legacy world person before HLE was even about. However, I realize as you do that this is corporate america. Complaining about things you can't control does nothing. The only reason I found this forum is because I enjoy reading other people's "inside take" on what's going on. I have inside contacts that let me know what's going on before my managers. "No shock factor on that one..." I realized from day 1 of my employment that I am just a number and can be removed or replaced at anytime. I will have that attitude for the rest of my career. I work for myself and my family. The company is somewhat important but ultimately makes no difference as long as my bills are paid. I know I mean NOTHING to them....it's all about stock price and profitability. The sooner people figure that out the better off they will be. Unfortunate for most people they get emotional about their jobs and the company they work for. Big mistake...the company is not emotional about you...you are a commodity used to make them money and increase shareholder wealth. There are solid companies that care about their people...no doubt about that. But don't loose sight of the fact that it's all about the money. That's it in the end.

Let's face it. The economy stinks. I wouldn't blame any of this on Wach or World. If you're in sales...we've all made good loot for the past 10 years. It's not brain science. PAP is a great product for the right person, in the right market, that has flexible or income that can't be verified. What happens..as all sales people do...is we all took advantage of getting people into mortgages that paid us the most. It's all about me. Right now..it's now about me. It's about shareholders. Are you a shareholder? Than stay quite.

My goodness, I think you are on the wrong blog. Try IluvWachovia.com and let the rest of us bemoan the fact that the luv is gone. We are probably all shareholders, so net the 70% reduction in share value with the fact that many are, or will soon be unemployed, and try to figure out where that luv has gone!

in the "real world" in Omaha, Nebraska said: Amen "all over" I'm really a legacy world person before HLE was even about. However, I realize as you do that this is corporate america. Complaining about things you can't control does nothing. The only reason I found this forum is because I enjoy reading other people's "inside take" on what's going on. I have inside contacts that let me know what's going on before my managers. "No shock factor on that one..." I realized from day 1 of my employment that I am just a number and can be removed or replaced at anytime. I will have that attitude for the rest of my career. I work for myself and my family. The company is somewhat important but ultimately makes no difference as long as my bills are paid. I know I mean NOTHING to them....it's all about stock price and profitability. The sooner people figure that out the better off they will be. Unfortunate for most people they get emotional about their jobs and the company they work for. Big mistake...the company is not emotional about you...you are a commodity used to make them money and increase shareholder wealth. There are solid companies that care about their people...no doubt about that. But don't loose sight of the fact that it's all about the money. That's it in the end.

You have a valid point about being corporate America. I understand that well and I am not at all emotional about WB. That is why there is no loyalty and while they are using me to make money, I shall use them!
You say you do not care as long as your bills are being paid. My bills are not being paid because my income has dropped over 50%. You ask why I do not move on? I still make a good income by many standards and nobody is going to pay me this amount of money to do practically nothing. Anyone who has had their income reduced by this much knows that after time the savings runs out and the $hit begins to hit the fan. After Oct 1, I may have a different view but for now; GAME ON!

Look at Downey S&L (DSL)... Full of ex-WS/GDW employees who offer a product exactly like PAP. The stock has gone from $67 down to $2.81 in the last year alone.

Bill Sexton in Annandale, Virginia said: Look at Downey S&L (DSL)... Full of ex-WS/GDW employees who offer a product exactly like PAP. The stock has gone from $67 down to $2.81 in the last year alone.

that's because they are business partners with wachovia. there is no real future in the banking industry and probably won't be before you are all grandparents or great grand parents.

Snoopy, snoopy, snoopy... Don't spread lies. Wachovia has no affiliation with them. Are you just another short?

Bill Sexton in Annandale, Virginia said: Snoopy, snoopy, snoopy... Don't spread lies. Wachovia has no affiliation with them. Are you just another short?

no lie. i read something about this in an article on msn. thanks for the correction if in fact it is.

Yes, it is a correction. Wachovia gets mentioned in every negative article about DSL since they have the same PAP product.

snoopy in nowhere, Mississippi said: no lie. i read something about this in an article on msn. thanks for the correction if in fact it is.

Snoopy, Snoopy, Snoopy....stop spreading your "poopie".

in the "real world" in Omaha, Nebraska said: Amen "all over" I'm really a legacy world person before HLE was even about. However, I realize as you do that this is corporate america. Complaining about things you can't control does nothing.

We're not stupid here. I know the Sandlers did what was best for the Sandlers in the end. But, I also know they were two of the most savvy people in the business. If any one could have brought a company through these tough time it would have been them, they did it before (remember the S&L fiasco just for starts). You have to realize you are dealing with people who spent 15, 20, 25 years and more with World. Yes we became emotional about the company. We took care of each other. We watched each others children grow up, and helped each other through bad times and rejoiced the good. We went to funerals and weddings. We were more than just a number, we were family. You will have to excuse us if we become a little emotional and resentful. We've watched the company we loved be chewed up, spit out and tossed away. Earlier, Happy camper in Charlotte epitomized the attitude we have encountered from WS since the merger. It was pretty obvious from the start they didn't like us. It's been tough, cut us a break.

Everyone, please remember to celebrate your "Freedom" this July 4th because on July 7th many of you will be set free!!! Happy 4th of July!!! :)

That was a good one "be happy". I hope it's true for So Cal.

The company is somewhat important but ultimately . But don't loose sight of the fact that it's all about the money. That's it in the end.

"Real World" I could not agree more.

And "outathebiz" Unfortunitly the Sandlers were the exception and not the rule. I couldn't agree more that "World" was about family etc. Which did attract me to the comapny. However when the merger came about I knew,for most, they would be in for a huge culture shock. I expressed that to the people I knew over and over again. Thru lay offs etc they realized what I was taking about.

Bill Sexton in Annandale, Virginia said: Yes, it is a correction. Wachovia gets mentioned in every negative article about DSL since they have the same PAP product.

this had more to do with a joint venture that wac, downey and several other large lenders were in. a comittment to finance a commercial building in n.c. was cancelled by them. wac and the others were sued over it and the judge said wac will have to comply/pay their share of the comittment and so do all the other investors involved.

www.charlotte.com/breaking_news/story/695089.html

I am legacy World (20 years), and I truly enjoyed my job. However, I wonder how many of you ever actually met the Sandlers, JJ, TW, RF or any of the others you give such high praise to. Do you really believe that they would ever be as loyal to you as you seem to be to them? My opinion is NO. Even for them, the bottom line was the paycheck and taking care of their families (spouse and children) just like everyone else, not the company. I was a underwriter, and believe me when I say I'm not surprised that so many of the STATED loans are now going sour. When you have a manager tell you time and time again to approve a loan even though their credit score is 550, with 2 years on the job, a monthly salary of $7500.00, and the job title is administrative assistant, with $125,000 in the bank (yeah right!), and they are 24 years old, of course the loan is going to sour. (This was not just one loan, but several with the same scenerio). Why did they want the loans approved? For their almighty bonus of course! This is not just an opinion, it is a fact! Believe me, I am in no way disgruntled, actually for the most part, I enjoyed my job. I'm just tired of reading about how strict the underwriting was, and to give a little insight of what went on in some California offices, and that it is really about the money.

What the__________ in No. California said: I am legacy World (20 years), and I truly enjoyed my job. However, I wonder how many of you ever actually met the Sandlers, JJ, TW, RF or any of the others you give such high praise to. Do you really believe that they would ever be as loyal to you as you seem to be to them? My opinion is NO. Even for them, the bottom line was the paycheck and taking care of their families (spouse and children) just like everyone else, not the company. I was a underwriter, and believe me when I say I'm not surprised that so many of the STATED loans are now going sour. When you have a manager tell you time and time again to approve a loan even though their credit score is 550, with 2 years on the job, a monthly salary of $7500.00, and the job title is administrative assistant, with $125,000 in the bank (yeah right!), and they are 24 years old, of course the loan is going to sour. (This was not just one loan, but several with the same scenerio).

I am sorry it was like that in your area. It was not in mine. And I have met many of the initials you have indicated in your post. I still feel the company had a heart, cared what happened to the employees. I realize it was still a business and I am not diluted of that fact. But there is a difference with our competitors, we are just a number and there is a big difference in attitude, dynamics and way too much finger pointing for me. And no matter how much you invest your time, expertise, and out of pocket money to do your job...if you don't meet in stone projections (in spite of a horrible market and many obtacles beyond your control)..you are out. So if that's good business there will be a lot of people out of work and not be able to find a new job in our industry. And for that matter in another industry with our current economy. I do feel World most of the time was fair in their decisions as evident in their employee turnover numbers. I can't say that for today's banking industry.

What the__________ in No. California said: I am legacy World (20 years), and I truly enjoyed my job. However, I wonder how many of you ever actually met the Sandlers, JJ, TW, RF or any of the others you give such high praise to. Do you really believe that they would ever be as loyal to you as you seem to be to them? My opinion is NO. Even for them, the bottom line was the paycheck and taking care of their families (spouse and children) just like everyone else, not the company. I was a underwriter, and believe me when I say I'm not surprised that so many of the STATED loans are now going sour. When you have a manager tell you time and time again to approve a loan even though their credit score is 550, with 2 years on the job, a monthly salary of $7500.00, and the job title is administrative assistant, with $125,000 in the bank (yeah right!), and they are 24 years old, of course the loan is going to sour. (This was not just one loan, but several with the same scenerio). Why did they want the loans approved? For their almighty bonus of course! This is not just an opinion, it is a fact! Believe me, I am in no way disgruntled, actually for the most part, I enjoyed my job. I'm just tired of reading about how strict the underwriting was, and to give a little insight of what went on in some California offices, and that it is really about the money.

I hope the brokers end up where they deserve to be, in jail. I am sure investigations will go on! They jacked up the income to make it work to pad their fat wallets.

I guess the Indeed censors didn't care for my artistic response to HC ... alas ...

Dispelling the Myths of Summer
www.nytimes.com/2008/07/02/business/02leonhardt.html

Pervasive Pollyannas of Prosperity
bigpicture.typepad.com/comments/2008/07/more-on-the-pub.html

Bank Bond Risk Holds Near 15-Week High Amid Loss Speculation
www.bloomberg.com/apps/news?pid=conewsstory&refer=conews&tkr=WB:US&sid=aJjc2Hh4ZogY

in the "real world" in Omaha, Nebraska said: Not much new on postings today. Does anyone know anything in store for the week of July 7th? My guess is that week will be a big layoff and news week. They will let everyone get through the holiday this week and come out with big news next week. Has anyone heard anything?

A few thoughts: Whenever a company is consulting an outside company for advice on their books....that smells acquisition talks to me. I never thought that a company the size of Wachovia would be vulnerable for a takeover....but I don't trust my first instincts on anything in this industry right now.

My gut tells me WB could be positioning for a sale to Chase. Chase has no neg am products and from everything I see there will be no legacy portfolio left. The stage is being set for change, just like the invention of HLE for a retail entitly to position World for a merger, WB seems to be doing the same dog and pony show. This is total speculation but it does seem like many other "major" changes are coming. From what I hear there are also changes with the MCB & MC programs, I heard there will be only MC's now? Maybe someone out there can substantiate that. That tells me a huge savings in MCB salaries. The company seems to be gutted and will re-build itself. What it will be built into is another question. Remember WB doesn't even have a named full time President yet. I find that interesting also if you think about it. Maybe they won't need to name one if there is a merger? Just an opinion only.

all over ca in allover, California said: I find it interesting the lack of response from "in the real world". Obviously because this person makes vaild points. WAKE UP!! This is corporate america. The housing market is in the dumps. The Sandlers this the Sandlers that. THEY DON'T OWN THE COMPANY ANYMORE. The sooner you realize that the better off you will be. I do not consider myself a "WORLD" person even though I was hired under HLE. The WORLD people seem to have a false scense of reality and entitlement. The great thing about this country is you have a choice. If you are all so unhappy there are other job opportunities out there. So much time being spent and wasted on things that are out of your control.

I hear what you say but it's harder on people that are very tenured. If you came in with HLE I can say you never experienced the qualities of the World dynamic. So you have no point of reference. I can understand why you're frustrated with other postings as you haven't been in our shoes.

Phyllis Mangina in Witness Protection Program, Costa Rica said: If they have changed the hours of those in you department so dramatically and by extension the nature of your jobs and how you do them - would you all be eligible for severance now? Print out a copy of the severance agreement on exchange - look for Golden West Severance for the correct document (if you were employed prior to 10/06).
Good god your most recent month BEC determines what you will get in severance - If they are cutting back your hours obviously your BEC will drop pretty dramatically as will what these fargin' Wachovia bastiges have to pay you.

The severence is based on a 12 month rolling BEC. You may also be eligible to collect severence for "good reason" which includes your duties being reduced by 50%. All in the GW Severence document.

HappyCamper in Charlotte, North Carolina said: I hope the brokers end up where they deserve to be, in jail. I am sure investigations will go on! They jacked up the income to make it work to pad their fat wallets.

Wow is that a generality. Not all brokers are bad, I worked with some very good ones that were honest and did what was best for their client. The ones that didn't I would not work with. They did not fit with World's philosophy.

On the wachovia intranet, it congratulates employees who hit tenure milestones; 5 10 15 years of service, etc each month.

Not surprisingly, none of the legacy World employees who hit such milestones appear on the list. This might not be to the topic at hand, but it certainly illustrates how we are viewed by Wachovia, and it's not a valued team members.

I'm sure there are a few Wachovia management readers, if so I hope you realize how low this is.

east coast appraiser in on my way to, Hawaii said: The severence is based on a 12 month rolling BEC. You may also be eligible to collect severence for "good reason" which includes your duties being reduced by 50%. All in the GW Severence document.

And by cutting one's pay the 12 month rolling BEC will certainly be a lot less then what one was making prior to 7/1/2007 (the benefits conversion date) when we would have had a more favorable calculation of eligble severance pay. By starving employees out, Wach also gets to pay lesson a month to month basis in payroll and in actual lump sum severance payments. A lose/lose for Legacy peeps.

Re "Good Reason": I suggest everyone read this clause very carefully. Pages 4 and 5 - read it close. Helpful if you have a copy of your job description and duties/responsibilities from prior to 10/1/2006 (of course you printed this off Worldnet right?) A copy of your review is good too.

all over ca in allover, California said: I find it interesting the lack of response from "in the real world". Obviously because this person makes vaild points. WAKE UP!! This is corporate america. The housing market is in the dumps. The Sandlers this the Sandlers that. THEY DON'T OWN THE COMPANY ANYMORE. The sooner you realize that the better off you will be. I do not consider myself a "WORLD" person even though I was hired under HLE. The WORLD people seem to have a false scense of reality and entitlement. The great thing about this country is you have a choice. If you are all so unhappy there are other job opportunities out there. So much time being spent and wasted on things that are out of your control.

No offense, but the HLE was a total disaster. Are you upset about HLE's performance? It was horrendous, I mean it's probably not your fault, but the whole thing was a train wreck. It's ok if we vent about what is happening with the company, that's what we're here for.

An ABSOLUTE MUST read:
dealbreaker.com/images/thumbs/Bove%20Commentary.pdf
The company has articulated no new strategy; presented no new business
model; selected no new CEO; and/or connected with no new acquisition
partner. It is an inbred group with all of the weaknesses implied in this
structure. These guys ran this company into the ground and they have no idea
as to how to get it out of trouble except to stop making Pick-A-Pay mortgages.

Hey Lanty and Ben! Do you know what the definition of SCLEROTIC is??

A Modest Proposal for Wachovia’s Next Chief
dealbook.blogs.nytimes.com/2008/07/02/an-analysts-modest-proposal-for-wachovias-next-chief/
It has been one month to the day since Wachovia ousted G. Kennedy Thompson as its chief executive, leaving the nation’s fourth-largest bank to find a new leader while it grapples with mounting mortgage losses.

But Dealbreaker notes that Richard X. Bove, the oft-quoted research analyst at Ladenburg Thalmann, has an unusual suggestion for the Charlotte, N.C.-based bank: Hire Philip J. Purcell.

To Mr. Bove, the onetime head of Morgan Stanley, who was defenestrated in a 2005 revolt, would be the perfect man to lead Wachovia.

In a research note issued on Wednesday, Mr. Bove argues that Wachovia’s recent announcement that it would stop issuing Pick-a-Pay mortgages, which led to many of its mortgage problems, is a reminder of why the bank is struggling. The analyst finds the news almost offensive, declaring that it’s a sign of sclerotic management that has no direction and no plan.

What the__________ in No. California said: I am legacy World (20 years), and I truly enjoyed my job. However, I wonder how many of you ever actually met the Sandlers, JJ, TW, RF or any of the others you give such high praise to. Do you really believe that they would ever be as loyal to you as you seem to be to them? My opinion is NO. Even for them, the bottom line was the paycheck and taking care of their families (spouse and children) just like everyone else, not the company. I was a underwriter, and believe me when I say I'm not surprised that so many of the STATED loans are now going sour. When you have a manager tell you time and time again to approve a loan even though their credit score is 550, with 2 years on the job, a monthly salary of $7500.00, and the job title is administrative assistant, with $125,000 in the bank (yeah right!), and they are 24 years old, of course the loan is going to sour. (This was not just one loan, but several with the same scenerio). Why did they want the loans approved? For their almighty bonus of course! This is not just an opinion, it is a fact! Believe me, I am in no way disgruntled, actually for the most part, I enjoyed my job. I'm just tired of reading about how strict the underwriting was, and to give a little insight of what went on in some California offices, and that it is really about the money.

I did meet and speak with Mr. Sandler, JJ and RF over my years with World. And I was not a highly placed person, just a CLO* in a branch. (*Community Loan Officer) I know where I worked we verified assets so I doubt if that scenario would have flown with us. But I am sure there was abuse of stated income at times just as there is with Alt-A products. NPR had a guest Saturday who said the current financial problems started with real estate loans, but are now being driven by unemployment. So many people could have benefitted from a PAP when used for such emergencies as the loan was intended.

>> “This is an extraordinarily talented individual with a skill set that matches Wachovia’s needs,” Mr. Bove wrote. “Make him a deal he cannot refuse and get this company going again.”

Then again, Mr. Purcell certainly had other flaws, notably a cold, argumentative demeanor and a penchant for rewarding acolytes. Here’s what The New York Times’s Joe Nocera wrote of him in 2005:

But during his nearly two decades running first Dean Witter and then Morgan Stanley, where he became chief executive when the companies merged in 1997, he was ruthless, autocratic and remote. He had no tolerance for dissent or even argument. He pushed away strong executives and surrounded himself with yes men and women. He demanded loyalty to himself over the organization. He played power games. He had little contact with rank and file. …

Mr. Purcell, by contrast, stayed mostly in his office, plotting “strategy.” He rarely met with clients, and when he did, he was hardly a schmoozer. He belittled the investment bankers. Executives learned that it was pointless to argue with Mr. Purcell about anything - all it did was make him mad, and he didn’t even pretend to be listening.

By the end, as top executives like Joseph Perella and Vikram Pandit - leaders revered by their troops - were walking out the door in disgust, Mr. Purcell seemed to view their departures as mainly an opportunity to hand even more big jobs to people who were loyal to him.

Mr. Nocera asked at the time, “Is it a surprise that he was loathed by many executives, especially those on the Morgan Stanley side of the divide? Or that they finally took their revenge?”

Mr. Purcell is certainly an unorthodox choice to help save Wachovia, to say the least.<<
(Quoted from Phyllis' second link)

Great post, Phyllis. This guy might not be the messiah, but he might have more of a clue as to how to turn this ship around...

It has been one month to the day since Wachovia ousted G. Kennedy Thompson as its chief executive, leaving the nation’s fourth-largest bank to find a new leader while it grapples with mounting mortgage losses.

But Dealbreaker notes that Richard X. Bove, the oft-quoted research analyst at Ladenburg Thalmann, has an unusual suggestion for the Charlotte, N.C.-based bank: Hire Philip J. Purcell.

To Mr. Bove, the onetime head of Morgan Stanley, who was defenestrated in a 2005 revolt, would be the perfect man to lead Wachovia.

In a research note issued on Wednesday, Mr. Bove argues that Wachovia’s recent announcement that it would stop issuing Pick-a-Pay mortgages, which led to many of its mortgage problems, is a reminder of why the bank is struggling. The analyst finds the news almost offensive, declaring that it’s a sign of sclerotic management that has no direction and no plan.[/
thanks for the post, once again though, we have to hear the part where the pick a pay is causing multi billion dollar losses, and this is untrue. the true losses to t