8 bank CEOs invited to rescue accountability hearing
A House committee asks for testimony from heads of the first eight institutions to receive TARP money.
NEW YORK (CNNMoney.com) -- The chairman of the House Financial Services Committee, Rep. Barney Frank, D-Mass., invited CEOs from the first eight companies that received bailout funds to testify in an accountability hearing on the Troubled Asset Relief Program.
TARP is the $700 billion bank rescue enacted last October that was intended to spur lending and ease the credit crunch.
The Financial Services Committee will hold a hearing next Wednesday.
The CEOs represent eight companies that received a total of $115 billion on Oct. 28, the first capital investment payment under TARP.
Those CEOs are: Ken Lewis, Bank of America (BAC, Fortune 500); Jamie Dimon, JPMorgan Chase & Co (JPM, Fortune 500); Vikram Pandit, Citi (C, Fortune 500); Ronald E. Logue, State Street; (STT, Fortune 500) Robert P.Kelly, Bank of New York (BK, Fortune 500); John Stumpf, Wells Fargo (WFC, Fortune 500); John Mack, Morgan Stanley (MS, Fortune 500); and Lloyd Blankfein, Goldman Sachs (GS, Fortune 500).
Of those eight, Citi and Bank of America have both received additional TARP money since the first infusion.