Mortgage mess CEOs defend pay
High-profile ex-banking execs fire back following attacks on packages, telling lawmakers that figures were exaggerated by the media.
By David Ellis, CNNMoney.com staff writer
NEW YORK (CNNMoney.com) -- A trio of high-profile CEOs defended their oversized pay packages to Congress on Friday, even as their companies and shareholders lost billions of dollars as a result of the ongoing mortgage crisis.
Countrywide Financial's (CFC, Fortune 500) founder and CEO Angelo Mozilo, former Merrill Lynch (MER, Fortune 500) Chairman and CEO Stanley O'Neal and ex-Citigroup (C, Fortune 500) chief Charles Prince testified before the House Committee on Government and Oversight Reform, calling reports of their pay "grossly exaggerated" in some instances and pointing out that they lost millions as well.
http://money.cnn.com/2008/03/07/news/newsmakers/ceo_pay/index.htm?eref=rss_topstories Rumor has it that -- following the hearings -- the CEOs were invited by Bush to visit the White House for dinner and entertainment. Dinner consisted of pheasant under glass. Entertainment was provided when Bush put on some phonograph records -- slipped out of his suit and into high heels -- and performed lap dances for each of the guests. A pleasant diversion that CEOs visiting D.C. have been
enjoying for seven years.
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