Tuesday, April 15, 2008

WaMu board director forced out


Go to Financial Times original
Angry shareholders on Tuesday forced the resignation of a senior director at Washington Mutual as the chief executive of the reeling mortgage lender said market conditions were the the worst since the Great Depression.

The resignation of Mary Pugh, who chaired WaMu’s finance committee, represents a big victory for shareholder groups seeking boardroom accountability for the massive mortgage-related losses that have plagued the largest US banks and brokerage houses in recent months.

Ms Pugh’s departure came as WaMu reported a $1.1bn first-quarter loss, driven by a doubling in provisions for troubled loans to $3.5bn.

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