Investment Management Firms

From Standard&Poor’s Equity Research. ACTION ECONOMICS: The dollar traded lower through Monday’s N.Y. session, as financial and credit concerns trumped slightly better than expected ISM and construction spending data. Fresh problems for the dollar arose overnight, when U.K. based Bradford&Bingley announced a quarterly loss, a resigning CEO, and a capital influx from a U.S. private equity group. N.Y. dealers were then met with news that both Wachovia and Washington Mutual shook up their management teams, while later, S&P downgrades of the financial sector as a whole took the dollar, and U.S. equities to their lows of the day. EUR-USD rallied about 100 points through the session, peaking near 1.5590, while USD-JPY stumbled from highs of 104.85, to base at 104.00.”
“Thompson, 57, is the latest financial services executive to be ousted amid turmoil in the U.S. housing market.

He joins Stanley O’Neal at Merrill Lynch & Co. and Charles Prince at Citigroup Inc., who both presided over huge losses from exposure to bad mortgages, and were subsequently forced out from their perches at the top of Wall Street institutions.

Also Monday, Seattle-based Washington Mutual Inc. stripped Kerry Killinger of his chairman title, though he remains the chief executive officer at the nation’s largest savings and loan.

“We will likely see more changes in top brass at institutions hit particularly hard by the subprime mortgage crisis,” said Eva Weber, an analyst with Aite Group, a Boston-based financial services research firm. “As more losses are incurred, and boards of directors scrutinize decisions around mortgages, we will likely see shifts in management.”

U.S. bank shares were also under pressure following a broad descent Monday in the European banking ”
excerpt is from Cliff’s link! Many of these Banks played games with Enron!
“they are being forced out by the board members” you meant more accurately of course ,***”they are being forced out by the board members handsomely for their bad ways and poor short-term performance”*** LoL