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| Version 1 | Version 2 |
|---|---|
| US ex-bosses pay deals under fire | US ex-bosses pay deals under fire |
| (about 2 hours later) | |
| The former bosses of three US financial firms will have to justify vast pay packets, awarded despite their companies' poor performances. | The former bosses of three US financial firms will have to justify vast pay packets, awarded despite their companies' poor performances. |
| Angelo Mozilo of Countrywide Financial, Stanley O'Neal, ex-head of Merrill Lynch and Charles Prince, the former boss of Citigroup all face questioning. | |
| The three men are due to testify before the House Oversight and Government Reform Committee at 1500 GMT. | |
| The governmental committee is chaired by Democrat Henry Waxman. | The governmental committee is chaired by Democrat Henry Waxman. |
| Huge pay | Huge pay |
| The committee says Mr Mozilo was paid $250m (£124m) in compensation even as his firm, the largest mortgage company in the US, recorded a $1.2bn loss in the third quarter followed by a $422m loss in the final quarter of 2007. | The committee says Mr Mozilo was paid $250m (£124m) in compensation even as his firm, the largest mortgage company in the US, recorded a $1.2bn loss in the third quarter followed by a $422m loss in the final quarter of 2007. |
| Mr O'Neal received a retirement package of $161m, of which $131m was in shares and options. | Mr O'Neal received a retirement package of $161m, of which $131m was in shares and options. |
| That was awarded shortly after the company declared an $18bn loss related to investments backed by US mortgages. | That was awarded shortly after the company declared an $18bn loss related to investments backed by US mortgages. |
| Mr Prince was paid a bonus of $10.4m for 2007 as well as $28m in stock and stock options. | Mr Prince was paid a bonus of $10.4m for 2007 as well as $28m in stock and stock options. |
| Both Mr O'Neal and Mr Prince were allowed to retire, rather than having their contracts terminated. | Both Mr O'Neal and Mr Prince were allowed to retire, rather than having their contracts terminated. |
| If their contracts had been terminated for breach of contract, they would have forfeited significant compensation in the form of stocks and options. | If their contracts had been terminated for breach of contract, they would have forfeited significant compensation in the form of stocks and options. |
| The committee has already conducted a number of hearings on executive pay in recent months. | The committee has already conducted a number of hearings on executive pay in recent months. |
| Republicans on the committee say those hearings fall outside the committee's remit which is to focus on waste and fraud. | Republicans on the committee say those hearings fall outside the committee's remit which is to focus on waste and fraud. |