Will directors pay for financial company sins?

Annual meeting season is upon us, and a big theme this year will be whether shareholders will vent any real anger at large bank directors. Shareholders have plenty to be mad about. So far, union-backed CtW Investment Group has been the most aggressive in voicing a desire to unseat audit and risk committee members at Citigroup, Morgan Stanley, Wachovia, Bank of America, Washington Mutual and Merrill Lynch. But influential proxy adviser Glass Lewis has just recommended investors say no to five directors at Morgan Stanley. Another advisory firm, Proxy Governance, has recommended voting against Morgan's lead director. ISS, on the other hand, is backing the board. We'll have to see how all this turns out. A large no-vote would be symbolically powerful.  

For more:
- here's an article from the CNBC 
- here's more on Glass Lewis from Financial Week

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