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.

Popularity: 2%

This entry was posted on Friday, March 7th, 2008 at 1:15 pm and is filed under Business, Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.