The Banking Industry
Shareholder group attacks banks over subprime-related losses
Anonymous. Financial Times. London (UK): Mar 11, 2008. pg. 19
Abstract (Summary)
The union-backed funds hold small stakes in the six banks and shareholder votes opposing directors' re-election are usually defeated. However, [CtW]'s move underlines the rising backlash against Wall Street's huge losses.
In a letter sent to Charles Noski, the chairman of the bank's audit committee, and copied to John Mack, chairman and chief executive, last month, the funds said the audit committee "failed in these duties as they relate to the company's exposure to mortgage-related risk". The letter, seen by the Financial Times, added: "The audit committee's failure is especially troubling given the financial expertise of its individual members."
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(Copyright Financial Times Ltd. 2008. All rights reserved.)
By FRANCESCO GUERRERA and BEN WHITE
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