February 7th can't come soon enough.
Get that Jiffy Pop a poppin! And feel free to give Waxman a call (number below) with some suggested lines of questioning.
We've hoped and predicted for years that our corrupted Congress would hold hearings on the housing crash and corrupt Real Estate Industrial Complex in 2008, leading up to the election. And away we go. I wonder if Angelo will be taking the 5th?
Mr. Angelo R. Mozilo
Chairman and CEO
Countrywide Financial Corporation
4500 Park Granada
Calabasas, CA 91302
Dear Mr. Mozilo:
I am writing to request your testimony at a hearing on February 7, 2008, before the Committee on Oversight and Govemment Reform. The hearing will address executive compensation and severance arrangements for CEOs involved in the ongoing mortgage crisis.
According to recent press reports, if Bank of America completes its proposed purchase of Countrywide Financial, you stand to collect tens of millions of dollars in severance payments and other compensation. I request that you be prepared to provide your perspective on this reported pay package.
You should plan to address how it aligns with the interests of Countrywide’s shareholders and whether this level of compensation is justified in light of your company’s recent performance and its role in the national mortgage crisis.
The Committee on Oversight and Govemment Reform is the principal oversight committee in the House of Representatives and has broad oversight jurisdiction as set forth in House Rule X. An attachment to this letter provides additional information about testifying before the Committee.
If you have any questions regarding this letter, please contact Roger Sherman or David Leviss of the Committee staff at (202) 225-5051.
Henry A. Waxman