The House's Committee on Oversight and Government Reform, chaired by Rep. Henry Waxman (D-Calif.), held the hearing,
Executive Compensation II: CEO Pay and the Mortgage Crisis. Among those testifying were Angelo R. Mozilo, founder and chief executive officer of Countrywide Financial Corp.; E. Stanley O'Neal, former chairman and CEO of Merrill Lynch & Co. Inc.; and Charles Prince, former chairman and CEO at Citigroup Inc. "Collectively, the companies run by Mr. Mozilo, Mr. O'Neal, and Mr. Prince lost more than $20 billion in the last two quarters of 2007 alone as a result of investments in subprime and other risky investments," a House memorandum stated. "During the five-year period from January 2002 through December 2006, as the stock of Countrywide, Merrill Lynch, and Citigroup appreciated, and the three CEOs collectively received more than $460 million in compensation."
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