Wachovia is on some kind of streak recently. First came news that the bank was under investigation for money laundering:

In a tense shareholder meeting that opened with the call for his ouster, Wachovia CEO Ken Thompson stated the obvious that Golden West Financial Corp (parent to World Savings) was a “poorly-timed” acquisition. I’m giving Ken Thompson a belated “Captain Obvious” award for that admission.

Effective today, Wachovia Corporation (NYSE:WB) lowered its prime interest rate to 6.50 percent from 7.25 percent at Wachovia Bank, National Association and all of its other banking subsidiaries.