This Week's Financial Winners (BlackRock, Aflac) and Losers (Wachovia, AIG)

Our Financial Winners & Losers for the week:

Winners

We've stopped counting the ways that BlackRock (BLK) has prospered from the credit crunch. The latest: the company will buy $20 billion in subprime assets from UBS (UBS) at a steep discount. Larry Fink is pleased. . . .

Here's one CEO who's not worried about shareholders griping about his compensation: Aflac's (AFL) Daniel Amos. On Tuesday, Aflac holders approved Amos's $12 million package for 2007, the first time ever shareholders of a U.S. company have voted on executive pay.

Losers

Not a great week for Ken Thompson. On Monday, Wachovia (WB) was still smarting from news it will take a $1 billion or so writedown on lease transactions it did earlier this decade. Then on Wednesday, the company announced its first quarter loss was 80% higher than first reported, thanks to larger-than-first-thought writedowns of its bank-owned life insurance. Finally, yesterday, Wachovia's board stripped Thompson of his chairmanship. The move was largely symbolic; he'll remain CEO. Even so, Thompson must be pleased weeks only have seven days. . .

It's official. Martin Sullivan (AIG) is no Hank Greenberg. . .

Tom Brown is head of BankStocks.com.

Comments

[Vegasjoe:]

Good thing Ken Thompson avoided investing in First Marblehead.

2008 May 11 06:50 AM

[ajhough:]

I have owned AFLAC for many years. It has been a very interesting and profitable asset to have in my portfolio. Ten years ago I had a broker recommend that I sell off about half of my position; I just held on and watched it compound.

2008 May 11 10:24 AM

[valueinvest...:]

I am with you vegasjoe. I have no idea why Tom continues to criticize others when his performance has been so atrocious.

2008 May 12 08:48 AM