Citi Directors Challenged on Mortgage Risk

Meanwhile, the CtW Investment Group is calling on five Citigroup directors to "describe the actions they took" to protect shareholders from excessive exposure to mortgage risk over the past two years. The five are: C. Michael Armstrong, George David, John M. Deutch, Andrew N. Liveris, and Anne M. Mulcahy. CtW said it will recommend that shareholders vote against directors who fail to provide "a compelling response" before Citi's 2008 annual meeting. "Accountability for risk management begins with the Audit Committee, and they will be the first to face an opposition shareholder vote," said Bill Patterson, executive director of the organization, which works with pension funds sponsored by unions affiliated with Change to Win to "enhance long-term shareholder value through active ownership." The group can be found online at http://www.ctwinvestmentgroup.com.