Our Financial Winners & Losers for the week:
We've stopped counting the ways that BlackRock (NYSE:BLK) has prospered from the credit crunch. The latest: the company will buy $20 billion in subprime assets from UBS (NYSE: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 (NYSE: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.
Not a great week for Ken Thompson. On Monday, Wachovia (NASDAQ: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. . .
Tom Brown is head of BankStocks.com.