Investigation into Mortgage CEO Compensation Expands

As part of its ongoing investigation into executive pay, the Oversight Committee asked Countrywide Financial, Citigroup, and Merrill Lynch to provide documents relevant to the compensation of Angelo R. Mozilo, Charles Prince and E. Stanley O’Neal.

In addition, the Committee invited the chairs of the compensation committees at these companies to testify on March 7 about how the compensation and severance packages for these executives were determined and on what basis they were approved.

Mozilo, Prince, and O’Neal have previously been invited to testify at the hearing.

Update: The hearing previously scheduled for February 7 has been rescheduled to March 7.