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Shaky at the Top

I surveyed the front page of Monday’s Wall Street Journal and, not surprisingly, found three headlines reporting on CEOs being sent to the chopping block over the weekend. The headlines read, “U.S. Seizes Mortgage Giants…Government Ousts CEOs of Fannie and Freddie,” “Washington Mutual Forces Oust CEO,” and “WaMu’s Board is Ousting CEO”. It’s tough at the top. Last year, Booz Allen Hamilton issued a study indicating that less than half of CEOs leaving office in 2006 departed under “normal” circumstances–and that was in good times! I predict there will be a steady stream of front-page news on CEO changes in the months ahead, as the banking, finance and mortgage institutions continue to clean house. The rub is that the tab for this cleanup is being borne by the rest of us.

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