Wall Street bosses could melt in house of Waxman

7 March 2008

Three top bankers from Wall Street are about to face a barrage of questions from a tough committee chaired by congressman Henry Waxman about their bonuses.

Bankers who have been forced to resign following their banks' poor performance after the sub-prime crisis will be grilled by the house oversight and government reform committee over the amount of money they received as a golden goodbye.

Former chief executives of Merrill Lynch and Citigroup, Stanley O'Neal and Charles Prince will be quizzed along with Angelo Mozilo, chief executive of Countrywide, who still holds his post.

Mr Waxman will question the bankers regarding the hundreds of millions of dollars they received in salary, pensions and share sales last year, even though tens of billions were lost at their banks.

A report by Mr Waxman's committee revealed that Mr Mozilo was given over $120 million in compensation and share sales in 2007.

Mr O'Neal departed from his role in October, taking with him $161.5 million in shares, options and retirement benefits.

Chuck Prince left Citigroup with a $10 million bonus, $28 million in stock and options plus an extra $1.5 million in other benefits.

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