Rep. Davis on CEO Hearing:
Like “Sacrificing a Virgin”

At today’s Congressional hearing on pay packages for CEOs of companies embroiled in the housing crisis, the panel’s top Republican, Tom Davis, decried the session as a “sanctimonious search for scapegoats,” adding:

“Punishing individual corporate executives with public floggings like this may be a politically satisfying ritual — like an island tribe sacrificing a virgin to a grumbling volcano.”

Those chaste chief executives, who defended their pay packages, didn’t seem too bothered.

“In short, as our company did well, I did well,” said Angelo Mozilo, founder and chief executive of Countrywide Financial Corp.

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