US Congress Panel Sets March 7 Subprime CEO Hearing
Published at: www.reuters.com
-
Congress Wants to Talk "Executive Pay" With Angelo Mozilo, The Prince & Stan O'Neal on 3.8.08
March 5, 2008
The House Committee on Oversight & Government Reform will grill Angelo Mozilo, Countrywide's CEO, Charles Prince-former CEO of Citigroup and Stan O'Neal-former CEO of Merrill Lynch, when they testify on 3.7.08, as lawmakers examine if there is a link between "executive pay" and the U.S. mortgage crisis. The Committee is continuing its investigation into "executive pay" and the grossly extravagant "golden parachutes" some executives receive when they exit. All three executives made headlines in 2007 for their companies' bad debts on the U.S. housing market and for their own "pay for failure" parachutes. Prince left Citigroup with roughly $68 million; O'Neal collected $161 million when he stepped down from Merrill Lynch and Angelo Mozilo may collect as much as $115 million, if he stays at Countrywide or is fired after the BofA deal goes through. Executives' pay is drawing scrutiny from lawmakers at a time when homeowners across the country are at risk of losing their homes.
- Subscribe to Updates
-
Work for one of the world's leading organizations? Get started now.
Get Intelligently Connected
with the world's leading experts
GLG's 850+ Clients Include:
- More than 70% of the world's leading
- mutual funds
- 15 of the leading 20
- global banks
- 9 of the leading 10
- global private equity firms
- 5 of the leading 10
- AmLaw firms
- Fortune 500® Companies
- in nearly every industry sector, including pharmaceuticals, insurance, chemicals, energy and computer software
Gerson Lehrman Group, Inc. connects communities with knowledge through two distinct, yet complementary offerings: GLG Research and G+.