Golden West Not Wachovia's Main Problem, Sandler Says

Wachovia Corp. has larger problems than its option ARM portfolio, according to Herb Sandler, the man who built Golden West Financial into a powerhouse by inventing the negative amortization mortgage. In remarks published Monday in the Wall Street Journal, Sandler says that Wachovia has much larger fish to fry than its exposure to increasingly troublesome mortgages on its portfolio.