Subprime CEOs Take Heat In Congress Over Pay

Law360, New York (March 7, 2008, 12:00 AM EST) -- At a congressional hearing Friday, a prominent Democrat questioned why many financial industry CEOs made millions in 2007 while U.S. banks took $120 billion in write-downs, even as three current and former CEOs defended the compensation they had received.

While cautioning, “This isn't a hearing about illegality or even ethical breaches,” Rep. Henry A. Waxman, who chairs the U.S. House of Representatives Committee on Oversight and Government Reform, argued that something was amiss in the seeming lack of correlation between CEO compensation and the companies' financial...
To view the full article, register now.