Countrywide Financial Corp., CEO Angelo Mozilo, former Merrill Lynch & Co., CEO Stanley O’Neal and former Citigroup Inc., and CEO Charles Prince are facing scrutiny of their compensation in the House Committee on Oversight and Government Reform.
“The financial benefits realized by the CEOs as the subprime mortgage crisis unfolded do not appear to have been aligned with the interests of the shareholders,” the report read.
Of course they were being well paid, they were turning out incredible return for the shareholders… and apparently single handedlydriving the entire US economy.
This brings back memories of when Bill Clinton wanted to limit what CEOs could make.
Keep in mind that he didn’t want to limit his friends in Hollywood, etc.
Maybe the Buffalo Bills players should give money back because they had a bad year too.:gotme:
As ridiculous as this is, the fed going after Clemens and Bonds is just as bad from a money wasting standpoint. How about fixing what really ails the US rather than going after baseball players. Morons.
The executive team makes recommendations to the shareholders on who to nominate to the board of directors. Any shares held by mutual funds, proxy voted, or shareholders who dont care end up supporting their recommendations. If a board candidate goes against the executive team, they don’t get elected.
Man if someone came up to me and asked for a raise, or to be put on a different tier, id tell them to do the work I give them and after they prove there lazy asses to me ill give them a raise.
Seems every other place pays out the azz for nothing.