Angelo Mozilo, the founder and chief executive officer of Countrywide Financial, will have his day in front of Congress Friday.
Mozilo, along with two other wealthy businessmen, are scheduled to testify in front of the House and Government Reform Committee to defend their enormous payouts amongst the decline of their companies.
Mozilo, recently resigned Merrill Lynch CEO Stanley "Stan" O'Neal, and recently resigned Citigroup CEO Charles "Chuck" Prince will have to sit in front of the committee and explain how they could receive such paychecks while their companies lost billions of dollars in subprime investments.
Rep. Henry Waxman (D-CA) called the meeting in order to speak directly to the CEOs. "During the five-year period from January 2002 through December 2006," Waxman wrote, "the stock of Countrywide, Merrill Lynch, and Citigroup appreciated, and the three CEOs collectively received more than $460 million in compensation,"
"Any alignment between the compensation of the CEOs and their shareholders' interests appears to break down in 2007, however," continued Waxman.
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