WaMu board challenge eyed

The union-affiliated investment advisory group that wants three Washington Mutual Inc. directors to explain their role in the mortgage crisis now plaguing the company says it's not getting much response from WaMu, and it is close to recommending that shareholders vote against their re-election to the board.

CtW Investment Group is also unhappy about WaMu's recent disclosure of an executive compensation bonus plan that excludes credit-loss and foreclosure costs from performance targets, and says it might expand its recommendation of voting against incumbent directors to members of the human resources committee, which approved the bonus plan.