As reported in today's Wall Street Journal, The House Committee on Oversight and Government reform are questioning the pay packages of three corporation's executives. The companies involved are Countrywide Financial Corporation, Merrill Lynch & Co. and Citigroup Inc.
This hearing on executive compensation has come about due to the mortgage market shakeout and the foreclosures happening nationwide.
The report depicts as excessive the compensation received by the executives of all three firms, but it's major concentration today was on Mr. Angelo Mozillo, the founder of Countrywide.
In 2006, Mr. Mozillo collected compensation of about $42 million dollars. Stock options exercised between November of 2006 and the end of 2007 netted him another $1.5 billion dollars.
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3 comments:
The hearings were recapped on Fox Finance last night, with Mr Mozillo comments - oh my goodness.
Thursday of Friday's WSJ also "highlighted" the raise given to GM's CEO - I believe a 3.5% increase over the prior year - in addition to an additional 1.3 (?) mil in salary, the stock options were incredible. Not bad for a company that lost over 38 million.
You never told me how we get these jobs Bill.....
The Doctor
Congratulations on completion of this long journey we all undertook. Toaday is the first day of the rest of our lives. The knowledge we gain by ourselves and from each other should open many doors to us if we choose to open them. Good luck and Godspeed.
The Vapir-izor
People should read this.
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