3 CEOs Made $460 Million - House Panel (EC Math blog #3)

Three chief executives with ties to the mortgage crisis were paid $460 million over the course of five years according to a congressiona repord given Thursday. The next day The House Committee on Oversight and Government Reform is set to examine CEO pay in light of huge decreases in the financial sector stemming form the mortgage crisis. The panel chaired by Rep. Henry Waxman will hear testimony from Charles Prince a former CEO of Citigroup Inc., Stanley O'Neal another former CEO of Merrill Lynch and Co. and Angelo Mozilo Chief executive of Counrtywide Financial Corp. the nation's biggest mortgage lender. The committee recently questioned each company about executive pay. Committee staffers checked company email, board minutes anf federal regulatory fillings according to a 23 paged memo made public Thursday. The memo states that all three companies combined lost a total of more than $20 billion dollars in the last quarters of last year (2007).