Worst 10-year performers: Wachovia Corporation ranks 17th

Filed under: Major movement, Analyst upgrades and downgrades, Bad news, Wachovia Corp (WB), S and P 500

In this series, we take a look at the 25 stocks on the S&P 500 Index (SPX) that have turned in the worst performance during the past decade -- what went wrong, and what happens next.

Spoiler alert: Wachovia Corporation (NYSE: WB) is not the first financial stock we've scraped off the bottom of the S&P 500 barrel, and it will not be the last. You've already been treated to the gruesome horror stories of Fannie Mae (NYSE: FNM) and KeyCorp (NYSE: KEY); now, gather 'round the campfire to hear another spine-tingling, blood-curdling tale of subprime mayhem and write-down-related bloodshed.

What went wrong? At number 17 on our list of SPX underdogs, WB shed 73% of its value during the decade that ended June 30, 2008. And, if it weren't for that cutoff date, Wachovia might