22
Feb
08

Corporatocracy Update – CEO’s Face Congressional Questioning on Pay

Woohooo! I will have the popcorn ready of C-SPAN broadcasts these hearings!

CNN is reporting the “A total of 10 witnesses are due to appear before the House Committee on Oversight and Government Reform on Thursday including Countrywide Financial’s (CFC, Fortune 500) founder and CEO Angelo Mozilo, former Merrill Lynch (MER, Fortune 500) Chairman and CEO Stanley O’Neal and ex-Citigroup (C, Fortune 500) chief Charles Prince.”

“Upon his departure from Citigroup in November, Prince left with approximately $68 million, while O’Neal collected about $161 million after he stepped down in October.

Citigroup and Merrill Lynch lost billions of dollars on risky investment in mortgage-backed securities.

Countrywide’s Mozilo reportedly stood to collect a windfall of $115 million dollars after his firm agreed in January to a $4 billion sale to Bank of America (BAC, Fortune 500). But after facing heavy criticism from lawmakers, Mozilo said he would forfeit $37.5 million in payments tied to the deal.”

Praise jeebus! You know all that talk about the widening wealth gap in this country? Makes sense now, doesn’t it?

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