A congressional hearing that puts Wall Street executives from Merrill Lynch & Co. and Citigroup Inc. and mortgage biggie Countrywide Financial Corp. in the hot seat has been postponed, again. Originally,
the House Committee on Oversight and Government Reform was due to hear from the execs on Feb. 7, but that hearing was delayed due to scheduling conflicts. The hearing scheduled for Thursday has also been postponed, a note posted on the congressional Web site Wednesday said, noting that the hearing would be rescheduled.
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According to TheStreet.com, Patricia McCoy, a corporate governance professor with the University of Connecticut who was scheduled as a witness in the hearing, said a death in the family of Countrywide chief Angelo Mozilo was the reason for the delay.
The committee is scrutinizing the compensation and retirement packages granted to executives in the wake of losses stemming from the housing market crisis. Last week, the committee said that Mozilo would appear alongside former Citigroup chairman and CEO Charles Prince and E. Stanley O'Neal, the former chairman and CEO at Merrill Lynch.
While the panel, chaired by California Democrat Henry Waxman (pictured above), has requested documents from the three companies about their executive compensation packages, each company was also asked to have the head of its compensation committee also testify before the committee. - Donna Block
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