Wachovia Chief on the Hot Seat

Wachovia(WB Quote) chief executive Ken Thompson may be the next CEO brought down by Wall Street's mortgage binge.

So says analyst Dick Bove of Punk Ziegel & Co. Bove, who rates the stock market perform, says Thompson was among the most aggressive executives in pushing his bank to take on more risk as it delved deeper into the world of nontraditional mortgages.

Wachovia didn't comment, but Bove's remarks come on the heels of a regulatory filing in which the Charlotte, N.C., bank said it plans to take a $1.1 billion writedown on collateralized debt obligations that are backed by subprime residential mortgage-backed securities. ...