Executive Investigator - Waxman Questions CEO Compensation

Tracking and Analyzing Executive Salaries, Bonuses, and Perks

Tuesday, January 15, 2008

House Oversight and Government Reform Chairman Henry Waxman wants to question three current and former CEOs of companies involved in the subprime mortgage crisis abou ttheir own multi-million pay packages in a hearing next month. Letters have been sent out to Countrywide CEO Angelo Mozilo, Citigroup CEO Charles Prince, and Merrill Lynch CEO Stanley O'Neal asking them why they "stand to collect tens of millions of dollars in severence payment and other compensation" even as their current or former companies are losing billions of dollars in the mortgage meltdown. Amazingly, CEOs like O'Neal managed to walk away with accumulated benefits worth more than $161 million while their companies are in shambles. Meanwhile, Mozilo received a package worth $110 million on top of $140 million from stock that he sold during 2006 and 2007 - all while Countrywide stock dropped 80%.

Tuesday, January 15, 2008 8:05:30 PM UTC

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