Ok, folks, set your Tivos for thursday for the best show ever- Watch three of our country’s finest CEOs- the former head of Citibank, Countrywide, and Merrill Lynch testify before a congressional committee defending their outrageous compensation packages while their companies reported massive losses and millions of Americans will lose their home. This is going to be Academy Award acting at it’s finest!
Here are the nominees-
Angelo Mozilo of Countrywide ( the largest mortgage provider in the US) sold his own shares valued at $360 million while the stock plunged more than 80% in one year and was forced to merge with Bank of America.
(Countrywide just cancelled the ski trip they were hosting for mortgage bankers at the Ritz Carlton in Colorado, as they report that 11,400 people will lose their jobs there and 90,000 of its loans are in foreclosure. )
Stan O’Neal of Merrill Lynch (you know who they are) left with $161.5 million in benefits right after the compnay lost $8.4 billion dollars.
Charles Prince of Citigroup was ousted while he walked out the door with $29.5 million as the company struggled with mortgage-related losses.
In supporting roles behind them were the CEO of Morgan Stanley, Home Depot, Pfizer, and Washington Mutual.
In the audience will be mayors from towns that have been devastated by the mortgage crisis and people who have lost their homes.
This will be political theater at it’s finest!
Watch them Squirm
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