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Home | News Briefs | U.S. | World | Celeb Buzz | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird & Offbeat Goldman Sachs, JPMorgan CEOs Testify Wednesday On Their Use Of Bailout February 11, 2009 12:46 p.m. EST Kris Alingod - AHN Contributor Washington, D.C. (AHN) - Top executives from eight financial firms that received money from the government's $700 billion financial bailout, or Troubled Asset Relief Program (TARP), will testify before a House panel on Wednesday about their use of federal funds. The House Financial Services Committee, which is chaired by Rep. Barney Frank (D-MA), will convene at 10:00 am ET to hear testimony from the first recipients of the TARP. Goldman Sachs chief executive officer and chairman Lloyd C. Blankfein, JPMorgan Chase CEO James Dimon, Bank of New York Mellon chair and top executive Robert Kelly are scheduled to testify. So are Bank of America CEO and chair Ken Lewis, State Street Corporation chair and CEO Ronald Logue, Morgan Stanley chair and CEO John Mack, Citigroup CEO Vikram Pandit and Wells Fargo president and CEO John Stumpf. Treasury Sec. Tim Geithner on Tuesday outlined the administration's plan for the remaining funds in the TARP. Called the Financial Stability Plan, the program includes using up to $2 trillion in private and public capital to help troubled banks and restore credit flow. "The capital will come with conditions to help ensure that every dollar of assistance is used to generate a level of lending greater than what would have been possible in the absence of government support," Geithner said in a speech at the Treasury. "We believe this program should ultimately provide up to one trillion in financing capacity, but we plan to start it on a scale of $500 billion, and expand it based on what works." The program will have "a new framework of oversight," which includes a website, FinancialStability.gov, that will let the public track if financial firms and executives are following conditions under the bailout program, including new rules on executive pay announced last week. Frank had praised the plan, saying it "made a number of improvements to the overall TARP program that will increase accountability and transparency." But he also expressed concerns about two issues, saying the $50 billion to reduce foreclosures understates the amount that we will need, and that the time the administration said it needed to work on details of the foreclosure reduction plan would be "too much" since "a moratorium is clearly called for." The first TARP infusions under the new administration were made on Jan. 23, and amounted to $386 million. Twenty-three "healthy" banks from across the country were provided capital, the biggest of which was the $111 million given to Indiana-based 1st Source Corporation. The Treasury has said it plans to invest up to $250 billion in "viable U.S. financial institutions." The Treasury last week announced new limits on executive compensation under the bailout program. The rules include capping executive pay at $500,000, excluding restricted stock awards. There is also a new requirement for full disclosure of senior executive compensation structure and strategy in the form of a non-binding shareholder resolution. The limit on retirement packages, called golden parachutes, was also expanded from a prohibition on the top five senior executives from receiving any golden parachute to include the top twenty executives. The next 25 executives will also be prohibited from receiving any payment greater than one year's compensation at the time of retirement. The restrictions were made in response to a report from New York state Comptroller Thomas DiNapoli saying the TARP had imposed limits to executive pay, including bonuses, but that none to compensation for lower-level employees. Firms gave financial employees a total of $18.4 billion in 2008, the report added. The amount reflects a 44 percent decline from bonuses given in 2007, but is the sixth largest bonus on record. It is also equivalent to total bonuses in 2004, a bullish year. Congress approved the TARP last October amid strong GOP opposition despite appeals from the top Republican, former President George W. Bush. Issues with oversight soon followed. Lawmakers allowed the new administration access to the remaining $350 billion this year only after repeated assurances that more oversight would be set in place when funds are distributed. Obama also had to pledge $50 to $100 billion for a "sweeping" effort to prevent foreclosures. Copyright © 2003 - 2009 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Home | News Briefs | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat © 2009 AHN Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services All Rights Reserved

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