US - Pension fund group CtW Investment Group has demanded an explanation from Wachovia Corporation's board of directors' risk committee on what action it took to protect shareholders from excessive exposure to mortgage-related risk over the past two years.
William Patterson, executive director of the CtW Investment Group, made the call after Wachovia's announcement of fourth quarter write downs of US$1.7bn and a provision for credit losses of $1.5bn....
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