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The CtW Investment Group works with pension funds sponsored by unions affiliated with Change to Win. Our affiliates' six million members participate in public and Taft-Hartley pension funds with approximately $1.5 trillion in assets. The CtW Investment Group blog chronicles the latest developments in corporate governance and shareholder activism, with a specific focus on CtW Investment Group initiatives to increase long-term shareholder value through active ownership.
Today the Wall Street Journal ran a BreakingViews piece by Lauren Silva, Rob Cox and Dwight Cass on WaMu’s cash infusion from TPG:
“From the get-go, Washington Mutual's $7 billion capital injection looked like a sweetheart deal for private-equity firm TPG and a few privileged investors. As further details come to light -- late Friday, WaMu slipped out specifics of the transaction announced Tuesday -- it looks simply outrageous."
According to the piece, WaMu has agreed to sell 176 million shares at $8.75 apiece, a 20% discount to Friday's closing price of $10.95, $5.7 billion of securities at the same discount, and the right to buy close to 68 million shares at $10.06 each.
Over the weekend, Jessica Mintz from the Associated Press and Kristen Grind from Business Journal also had pieces on the director accountability initiative at WaMu.
Posted by on April 14, 2008 11:43 AM
