Lawmakers confronted corporate executives Friday about how they managed to take home hundreds of millions of dollars in compensation while their companies were taking a financial nosedive from the subprime mortgage crisis.
"It seems that CEOs hit the lottery when their companies collapse," House Oversight and Government Reform Committee Chairman Henry Waxman, D-Calif., said at the opening of the hearing. "Any reasonable relation between their compensation and the interests of their shareholders appears to have broken down."
Appearing before the panel were Angelo Mozilo of Countrywide Financial Corp., the nation's largest mortgage lender; …
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