Tuesday, January 22, 2008
CtW Investment Group, an affiliate of a coalition of labor unions called "Change to Win," sent letters to the four directors who are members of Wachovia's Risk Committee, asking them to describe what they did to protect shareholders from excess exposure to mortgage-related risk. All four directors are up for re-election this spring. Inv News, CtW challenges Wachovia directors. Wachovia reported that its 4th quarter net income dropped 98% (3 cents per share compared to $1.20 last year) as it increased its loan-loss provision to $1.5 billion. WSJ, Wachovia's Net Plummets As Loan-Loss Provision Rises.