Subprime CEOs to Face Congressional Heat Over Pay

[salin]

Source: Reuters

Subprime CEOs to Face Congressional Heat Over Pay

By Kevin Drawbaugh and Rachelle Younglai

WASHINGTON (Reuters) - The soaring pay of U.S. CEOs looks likely to reclaim the political spotlight on Friday when three handsomely compensated senior executives face a grilling before a congressional committee.

The House Oversight and Government Reform Committee is expected to question Angelo Mozilo, chief executive of Countrywide Financial Corp (CFC.N: Quote, Profile, Research). Also scheduled to testify at the public hearing are former Merrill Lynch (MER.N: Quote, Profile, Research) CEO Stanley O'Neal and former Citigroup (C.N: Quote, Profile, Research) CEO Charles Prince.

As a stream of bad news and heavy losses hits these firms and others swept up in the spreading mortgage crisis, committee Chairman Henry Waxman is expected to focus the hearing on details of each manager's large pay packages.

....


Read more: http://www.reuters.com/article/bankingFinancial/idUSN0626304820080307?sp=true

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much more at link

[slor]

1. Good ! n/t

[soothsayer]

2. Oh, feh. Nothing will come of this. Hearings are just for show.

[Voltaire99]

4. Exactly right. The useless Congress should be talking broad financial reform...

...instead, it's holding ineffectual hearings for show.

And they wonder why Americans don't vote -- with a political class as corrupt as ours, there's less point in it every day.

[Proletariatprincess]

3. Bring on the Clowns.

Yeah....just a show...but it may be an awakening to some Americans. That is, if the media covers it.

[mainegreen]

5. Here's how it will go:

Congress: Hello
CEOS: Hello
Congress: People are saying you make to much!
CEOS: We're working hard! Working Weekends!
Congress: I think you've been naughty...
CEOS: I can't recall being naughty.
Congress: Oh well, then I guess there's nothing we can do. Lunch anyone?

[Javaman]

6. More finger wagging and feigned indignation...

aka free pass with harsh words.

[halobeam]

7. incase anyone is interested in the "show" lol... here's a link:

http://oversight.house.gov/story.asp?ID=1787

[Soodonim]

8. The government

NEEDS to set pay rates, not just at the top, but at the bottom. I see no reason for ANYONE to make more than $100 an hour, or less than $15

[Acadia Blue]

9. I watched it. Questioned one why he got such a huge bonus after

his company was tanking over subprime. What a joke. If they can't regulate the pay of these pigs it will take a gut wrenching depression to bring them to their knees.