Audit Panels Face Reckoning In Credit Mess.

The article reports that C. Michael Armstrong, a member of the board of directors of the financial services firm Citigroup Inc., is expected to resign as head of the company's risk and audit committee. Institutional investors including the AFL-CIO labor organization have called for Armstrong to be ousted from the board. They claim his inadequate oversight of Citigroup's risk management policies helped create the bank's exposure to the collapse of the U.S. housing bubble.