| |||||||||||||||||||||||
| |||||||||||||||||||||||
Labor backed CtW Investment Group is taking on more banks. Citing shareholder losses emerging from the subprime mortgage mess, CtW launched Tuesday a campaign to press three directors of Bank of America Corp.'s board and three on Washington Mutual Inc.'s board to "describe what they did to protect shareholders from excessive mortgage-related risk over the past two years."
The request is unlikely to be answered sufficiently for the members of the frustrated CtW group, an organization that advises pensions for unions belonging to the Change to Win labor group. A likely outcome? Expect CtW to escalate their campaign for change at both Bank of American and Washington Mutual into formal "just vote no" campaigns against the six directors. Last month, CtW issued a similar challenge to directors at Citigroup Inc., Merrill Lynch & Co., Morgan Stanley and Wachovia Corp. All the banks will begin holding annual meetings in April. CtW and other related union-backed funds represent $1.4 trillion in assets. - Ron Orol See press release from CtW Investment Group Ron Orol is a Washington-based reporter for The Deal and author of Extreme Value Hedging: How Activist Hedge Fund Managers Are Taking on the World. Categories Deal Video
    Community
 Elsewhere on The Deal.comDealwatchThe Deal MagazineCorporate Dealmaker
The Deal VideoCategories
Blog roll
Archives
| |||||||||||||||||||||||
|
|
|
|
|
