CtW Investment Group this week called on the directors of Bank of America and Washington Mutual (WaMu) to explain ways they acted to protect shareholders from the subprime crisis. The letters sent by the group, which advises union-sponsored pension funds, complete the group’s “Subprime Director Focus List” for the 2008 Proxy Season, which has also targeted risk committees at Merrill Lynch, Citigroup, and others.
The group has said that the banks’ risk committees – Bank of America’s asset quality committee and WaMu’s finance committee – failed to manage mortgage-related risks, which cost shareholders $71 billion last year.
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