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House Panel Asks CEOs to Testify on Severance

Reuters
Monday, 14 Jan 2008 | 6:31 PM ET

A Congressional committee said on Monday it invited current and former chief executives of three major financial institutions -- Countrywide Financial Corp , Citigroup and Merrill Lynch -- to testify on Feb. 7 about their severance packages.

The House Committee on Oversight and Government Reform said the testimony from the executives at companies linked to subprime mortgage problems was sought "as part of its ongoing investigation into executive pay."

The panel said it invited Countrywide CEO Angelo Mozilo, former Citigroup CEO Charles Prince and former Merrill Lynch CEO Stanley O'Neal to testify at the hearing.

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