Pity the hapless ex-CEO who has to explain to the U.S. Congress how he got millions for failing at his job. It’s like the person in the horror film who doesn’t realize that a poor guy is lurking in the dark woods even though that’s clearly indicated by the scary music. In that case, the knife-wielding psycho Jason Voorhees is being played by Rep. Henry “I haven’t met a microphone I didn’t like” Waxman (D-CA).

What did former Countywide Financial Corp. (NYSE: CFC) Chief Executive Angelo Mozilo, former Citigroup Inc. (NYSE: C) CEO Charles Prince and former Merrill Lynch & Co. (NYSE: MER) head Stan O’Neal expect to happen? That they would finally be able

to tell their “side” of the story? That they would be able to counteract media perceptions that they are a bunch of greedy pigs who were rewarded for their incompetence? Apparently, these once mighty kings of the boardroom were that deluded.

Mozilo was the most outrageous, telling the House Committee on Oversight and Government Reform that, “In short, as our company did well, I did well.” The Wall Street Journal (subscription required) famous that Waxman, who locked horns recently with baseball great Roger Clemens, wasn’t buying it.

Continue reading Grandstanding aplenty at congressional hearing on executive pay

Original post by Jonathan Berr

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