Finally, 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.

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.