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Wachovia (WB) CEO Bob Steel Puts Money Where Mouth Is

steel.jpgFinally, a bank manager puts his money where his mouth is. Wachovia's (WB) new CEO Bob Steel, who replaced Ken Thompson in June, has invested $16 million of his own money into his new firm. Charlotte Business Journal:

Steele bought 1 million shares of Wachovia’s stock at prices ranging from $15.32 to $17.02.

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The bank’s stock, which has traded between $7.80 and $53.10 over the last year, was trading at $17.61 Thursday morning. It closed at $17.65 per share Wednesday.

On Tuesday, the company reported a loss of $8.9 billion, or $4.20 per share, in the second quarter. The net loss included a $6.1 billion noncash goodwill impairment charge reflecting declining market valuations and asset values.

At least if things really start to fall apart, the captain will go down with the ship.

Financial Services
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