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Ex-banking CEOs defend pay in House testimony - Mar. 7, 2008 »

Posted by: engineer 1 year, 9 months ago
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High-profile ex-banking CEOs fire back following attacks on packages, telling lawmakers that figures were exaggerated by the media.

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engineer

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My background is Biomedical engineering with an MBA As you know from all my comments where I almost stand politically. I have loads of ...

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  • Avg rating: (+0/-0 0)engineer
    engineer
    March 7, 2008, 2:14 p.m.

    "In short, as our company did well, I did well," Countrywide's Mozilo said.

    Mozilo reportedly stood to collect a windfall of $115 million after his firm agreed in January to a yet-to-be completed $4 billion sale to Bank of America. After facing heavy criticism from lawmakers, Mozilo forfeited $37.5 million in payments tied to the deal.

    Stanley O'Neal, who relinquished his title as chairman and CEO of Merrill Lynch & Co. in October after the company reported an $8 billion loss on subprime related investments, argued that his compensation was in line with the broader financial services industry

    O'Neal called reports that he collected about $161 million after he stepped down "inaccurate."

    Citigroup's Prince stepped down as CEO in November, not long after world's largest bank reported a 57% drop in quarterly earnings and lost nearly a quarter of its market value.

    Upon his departure from Citigroup in November, Prince left with approximately $68 million.

    • Avg rating: (+0/-0 0)texangelwings
      texangelwings
      March 7, 2008, 2:34 p.m.

      Yeah, I have been listening to the testimonies of some CEO's. These CEO's don't think that they have done anything wrong! I wish that I could say that I am surprised!

      One company I worked for rewarded and promoted the do nothing or did something wrong management!

      In the real estate courses I took in college, people could not qualify for a $700,000.00 mortgage loan, when their income was $38,000.00 annually! The company and the underwriter of that loan is at fault, not the consumer! Most consumers do not understand the details of a mortgage loan.

      These CEO's are just as much to blame for the mortgage debacle as the underwriters who was approved the loan!

      Thanks engineer!

        • Avg rating: (+0/-0 0)GHOSTWHOWALKS
          GHOSTWHOWALKS
          March 8, 2008, 12:07 p.m.

          The greed of these smug a**holes is not nearly as surprising as all the empty chairs that are supposed to be filled by those that sat on the committee. Makes one wonder why.

          • Avg rating: (+0/-0 0)quackpot
            quackpot
            March 8, 2008, 2:08 p.m.

            Perhaps the only real sin that these particular thieves committed was in not donating the appropriate number of million in campaign contributions?

            Had they not been quite so greedy, they could have had Ambassadorships rather than a chastising.

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