New Wachovia CEO Robert Steel vowed to turn things around at the bank and he was not kidding. He started with morale boosting pep rallies and marshmallow tower building competitions, and now he's moved on to a not even necessary capital raise that, while probably dilutive to current shareholders, is sure to wow the crowds with Bobby's out of the box thinking, no doubt honed during his time at Goldman Sachs.
That's right, the firm is holding a HUGE sale on swag as we speak. Of course, the selling of a company's crap at a deep discount is usually reserved for those that've gone under but surely the garage sale is an effort by Steel to avoid just that. Who needs JPMorgan when you can make BANK on polos with the WB logo? Get out there and do your part.
Earlier: New Wachovia CEO Steel Turning Things Around, Starting With Company Morale