VOA常速英语2008年-US Lawmakers Question High Pay for Mortgage Com

By Mil Arcega
Washington
11 March 2008
 

Despite losses in the billions of dollars in risky¹ home loans, those who run the companies responsible for so-called subprime loans reported huge earnings² last year. Lawmakers on Capitol Hill questioned the chief executive officers, or CEOs, of some of the largest mortgage lending firms.  Lawmakers wanted to know how the executives managed to personally earn millions of dollars while their companies lost billions. VOA's Mil Arcega reports.

At a U.S. House oversight³ hearing Friday (March 7th), Chairman Henry Waxman, chastised⁴ CEO's (chief executive officers) from the nation's largest subprime lenders.

Waxman says the executives collected millions of dollars in compensation while their companies lost billions, “I think there's merit to pay for performance, but it seems like CEO's hit the lottery⁵ when their companies collapsed," he said.

Among the CEO's appearing before the panel - Stanley O'Neal - formerly⁶ of Merril Lynch.  He received a $160 - million retirement⁷ package.   Charles Prince was awarded nearly $40 million when he quit Citigroup.  And Countrywide Financial Corporation's Angelo Mozilo sold his stock for $120 million in profit.  The companies they represent lost tens of billions of dollars last year as a result of the mortgage crisis.

Waxman asked, "The obvious question is how can a few executives do so well when their companies are doing so poorly?"

The executives defended their pay packages, saying their earnings were competitive in the marketplace. 

Countrywide founder⁸, Angelo Mozilo remains⁹ one of the company's largest shareholders¹⁰ with about six and a half million shares.  But he says his holdings have declined substantially. He says, "In short as our company did well, I did well as did our shareholders.  But when our company did not do well in 2007, my direct compensation and the value of my holdings declined materially, which is as it should be."

But some homeowners accuse the CEOs of making money on the backs of families.  Like many, Rachel Kahny says she fell behind in her payments.

"The money they're putting in their pockets is food they're taking out of my children's mouths.  And that is not right.  They should be held accountable for that," Kahny said.

Some lawmakers urged the Senate to adopt tougher guidelines on how much CEO's can earn.  But others on the panel criticized the proceedings¹¹.  Virginia Congressman¹² Tom Davis called the hearing a "sanctimonious¹³ search for scapegoats¹⁴".

1 risky   

adj.有风险的，冒险的

参考例句：

• It may be risky but we will chance it anyhow.这可能有危险，但我们无论如何要冒一冒险。
• He is well aware how risky this investment is.他心里对这项投资的风险十分清楚。

2 earnings   

n.工资收人；利润，利益，所得

参考例句：

• That old man lives on the earnings of his daughter.那个老人靠他女儿的收入维持生活。
• Last year there was a 20% decrease in his earnings.去年他的收入减少了20%。

3 oversight   

n.勘漏，失察，疏忽

参考例句：

• I consider this a gross oversight on your part.我把这件事看作是你的一大疏忽。
• Your essay was not marked through an oversight on my part.由于我的疏忽你的文章没有打分。

4 chastised   

v.严惩（某人）（尤指责打）( chastise的过去式 )

参考例句：

• He chastised the team for their lack of commitment. 他指责队伍未竭尽全力。
• The Securities Commission chastised the firm but imposed no fine. 证券委员会严厉批评了那家公司，不过没有处以罚款。 来自辞典例句

5 lottery   

n.抽彩；碰运气的事，难于算计的事

参考例句：

• He won no less than ￡5000 in the lottery.他居然中了5000英镑的奖券。
• They thought themselves lucky in the lottery of life.他们认为自己是变幻莫测的人生中的幸运者。

6 formerly   

adv.从前，以前

参考例句：

• We now enjoy these comforts of which formerly we had only heard.我们现在享受到了过去只是听说过的那些舒适条件。
• This boat was formerly used on the rivers of China.这船从前航行在中国内河里。

7 retirement   

n.退休，退职

参考例句：

• She wanted to enjoy her retirement without being beset by financial worries.她想享受退休生活而不必为金钱担忧。
• I have to put everything away for my retirement.我必须把一切都积蓄起来以便退休后用。

8 Founder   

n.创始者，缔造者

参考例句：

• He was extolled as the founder of their Florentine school.他被称颂为佛罗伦萨画派的鼻祖。
• According to the old tradition,Romulus was the founder of Rome.按照古老的传说，罗穆卢斯是古罗马的建国者。

9 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。

10 shareholders   

n.股东( shareholder的名词复数 )

参考例句：

• The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
• the company's fiduciary duty to its shareholders 公司对股东负有的受托责任

11 proceedings   

n.进程，过程，议程；诉讼(程序)；公报

参考例句：

• He was released on bail pending committal proceedings. 他交保获释正在候审。
• to initiate legal proceedings against sb 对某人提起诉讼

12 Congressman   

n.（美）国会议员

参考例句：

• He related several anecdotes about his first years as a congressman.他讲述自己初任议员那几年的几则轶事。
• The congressman is meditating a reply to his critics.这位国会议员正在考虑给他的批评者一个答复。

13 sanctimonious   

adj.假装神圣的，假装虔诚的，假装诚实的

参考例句：

• It's that sanctimonious air that people can't stand.人们所不能容忍的就是那副假正经的样子。
• You do not have to be so sanctimonious to prove that you are devout.您不必如此伪善。

14 scapegoats   

n.代人受过的人，替罪羊( scapegoat的名词复数 )v.使成为替罪羊( scapegoat的第三人称单数 )

参考例句：

• They were made the scapegoats for the misfire of the program. 他们成了那个计划失败的替罪羊。 来自《现代英汉综合大词典》
• Only some of the guards and a minor hotel employee, chosen as scapegoats, were imprisoned. 只有一些保镖和那个旅馆的小职员当了替罪羊，被关进了监狱。 来自辞典例句