We've been talking a bit about whether any big bank board members will be held accountable for the mess the industry is working through. In a victory for angry shareholders, the head of the finance committee at Washington Mutual has decided to step down. The Financial Times says Mary Pugh was "forced out;" CtW, the union shareholder group, had targeted her. The spotlight now turns back to Citigroup, where a big battle may emerge this month. One could argue that change already has taken place: C. Michael Armstrong has announced he will step down as head of the audit and risk committee, though the firm says this was not a bow to pressure. At Morgan Stanley, shareholders gave a somewhat surprising vote of support for current management and directors.  

For more on Pugh, 
- here's the article

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