Financial Services Industry
Industry: Email Alert RSS FeedLost Billions in Subprime Debacle? You Need a Performance Bonus.
US Banker, April, 2008 by Karen Krebsbach
The heads of financial-services firms’ compensation committees have a lot of explaining to do. Specifically, John Finnegan, CEO of The Chubb Corp., Harley Snyder, CEO of HSC, and Alan J.P. Belda, chairman and CEO of Alcoa. The trio chair those committees at Merrill Lynch, Countrywide and Citigroup, respectively. Their sin? Approving the lavish pay and severance packages of another trio: Angelo Mozilo, CEO of Countrywide Financial; Charles Prince, former CEO of Citi; and Stanley O’Neal, former CEO of Merrill Lynch. Even as these firms are losing billions in the subprime-mortgage meltdown, Mozilo is reportedly collecting an additional $110 million on top of the $47 million he won last year and both Prince and O’Neal are walking away with $29 million and $161 million, respectively, in...
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