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.

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
By Julianne Pepitone, CNNMoney.com contributing writer

What do you think of Obama's crackdown on bank CEO pay?
  • It will force banks to act more responsibly
  • It's unwarranted interference in business
  • It will make no difference

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.

A press secretary declined to comment on whether any of the CEOs have accepted the invitation. To top of page

Features
They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
Cool cars from the 2015 Geneva Motor Show These are some of the stand-out cars and trucks on display at the 2015 Geneva Motor Show. More
Yahoo: 20 years of hits and flops The company that once was Google turns 20. We look back at the many, many brands it has cycled through. Remember Geocities? Broadcast.com? More
10 big dot-com flops Remember Pets.com? The Nasdaq is roaring back towards its all-time high. Here are some of the biggest dot-com busts from the last time the Nasdaq topped 5,000. More
Sponsors