The US House Financial Services Committee is planning a June 11 hearing focusing on how to eliminate compensation practices that encouraged excessive risk-taking and contributed to the financial collapse and ultimately hurt the US economy.
"Executives have a perverse incentive to expose their companies to more and more risk, but only the shareholders realize the downside of bad bets," the committee's chairman, Democrat Barney Frank, said in a statement.
Companies including JPMorgan Chase & Co, American Express Co, Bank of New York Mellon Corp, BB&T Corp, Capital One Financial Corp, Goldman Sachs Group Inc, State Street Corp and US Bancorp. MetLife Inc, the ninth company, did not take money from TARP.
But other institutions want to repay the government as soon as they can in order to get out from under some unwanted obligations such as executive compensation restrictions, dividend payments, among others.
The newspaper report also said Treasury could unveil rules on executive compensation for bailout-assisted institutions as early as next week. Executive compensation practices at Wall Street firms will be the subject of a congressional hearing scheduled for next week.
"Executives have a perverse incentive to expose their companies to more and more risk, but only the shareholders realize the downside of bad bets," the committee's chairman, Democrat Barney Frank, said in a statement.
Companies including JPMorgan Chase & Co, American Express Co, Bank of New York Mellon Corp, BB&T Corp, Capital One Financial Corp, Goldman Sachs Group Inc, State Street Corp and US Bancorp. MetLife Inc, the ninth company, did not take money from TARP.
But other institutions want to repay the government as soon as they can in order to get out from under some unwanted obligations such as executive compensation restrictions, dividend payments, among others.
The newspaper report also said Treasury could unveil rules on executive compensation for bailout-assisted institutions as early as next week. Executive compensation practices at Wall Street firms will be the subject of a congressional hearing scheduled for next week.
