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Wachovia's Ex-CEO Thompson Rises Again

Ken Thompson, former Charlotte-based banking CEO, hangs out a private-equity shingle in Manhattan.
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F. Scott Fitzgerald once said that there are no second acts in American lives. Apparently, Ex-


Chair and CEO Ken Thompson didn't read that book.

Many remember the last image of Thompson, ousted from the bank that he had helped build following the fallout from its dismal acquisition of mortgage lender

Golden West

. Since then, Thompson has stayed out of the limelight -- until now.

A report today surfaced saying Thompson is now beginning his career-resurrection tour in the private-equity world.

The Charlotte Observer

said that Thompson is now working as an adviser at

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TheStreet Recommends

Aquiline Capital Partners

, a New York-based private-equity shop with a slew of financial-service investments.

In May 2008, Wachovia stripped Thompson of his chair following cascading mortgage losses after the Golden West acquisition. In a stunning move a few weeks later, the Charlotte-based bank sent Thompson packing. By September, Wachovia was forced to sell itself to

Wells Fargo

(WFC) - Get Wells Fargo & Company Report

at a fire-sale price.

Thompson started at

First Union

, the Wachovia's predecessor, in 1976 and rose to the CEO spot in 2000. Wachovia and First Union merged in 2001.

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