Wednesday, September 14, 2005

Wachovia CEO: "I'm not predicting a crash by any means"

Speaking Tuesday at the Lehman Brothers Financial Services Conference, Thompson said an increase in problem credit is inevitable and certain pockets of the country are due for a real estate slowdown. But he doesn't believe the United States is facing a nationwide bubble about to burst.

"I'm not predicting a crash by any means," he told analysts.

Thompson added that rapid real estate appreciation in some markets is still the most obvious threat to credit quality, but the bank's research has led him to believe it's not a widespread threat.

"It's not keeping me up at night right now," he said.

You can find this article here. No reason for him to be kept up at night, because even if Wachovia loses a ton of money from foreclosures, the CEO will still probably get his golden parachute for escape.

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