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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
A band of vocal shareholders will this week begin a campaign against a string of Wall Street banks, accusing them of failing to prevent their mortgage-related losses and are threatening to vote against several directors at upcoming shareholder meetings.
Union-backed CtW Investment Group, whose affiliated pension funds have more than Dollars 200bn under management, is expected to launch its first attack on Morgan Stanley and follow up with campaigns against some of the banks with the largest subprime-related writedowns, including Citigroup, Merrill Lynch, Bank of America, Washington Mutual and Wachovia...
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