Set your TiVo's to record C-SPAN on Feb. 7, so you don't miss Rep. Henry Waxman's grilling of Angelo Mozilo, Charles Prince and Stanley O'Neal.
The chairman of the House Committee on Oversight and Government Reform (pictured at right) plans to take on the two former CEOs and the soon departing chief "implicated" in the subprime mortgage collapse at a hearing on their multimillion dollar severance packages. There's not much in it for the executives to accept his invite, as Waxman makes it clear he won't be a friendly audience.
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In letters to Countrywide Financial Corp.'s Mozilo; Prince, formerly of Citigroup Inc.; and O'Neal, formerly of Merrill Lynch & Co., Waxman asked each to appear at the hearing and explain how the tens of millions each is collecting on their way out the door "aligns with the interests" of company shareholders and "whether this level of compensation is justified in light of your company's recent performance and its role in the national mortgage crisis." - William McConnell
See story from Reuters
