Yesterday, I wrote about the need for a Congressional inquiry into the pay package given to Countrywide Financial (NYSE: CFC) CEO Angelo Mozilo:

The people getting royally screwed over by Mozilo's pay package are the company's shareholders. Compensation committee members Harley Snyder, Robert Donato, and Oscar Robertson should be hauled before Congressional hearings to explain this abject failure of corporate governance. It would be a much better use of taxpayer resources than holding hearings on what Roger Clemens did or didn't inject into his buttocks.

Well, now it looks like we're going to get those congressional hearings. A Congressional panel invited Angelo Mozilo, Charles Prince and Stan O'Neal in to answer question on February 7th. Congressman Henry Waxman said the inquiry was part of an "ongoing investigation into executive pay."

Unfortunately, these hearings don't go far enough. The people that need to be called in are the dormant compensation committee members who signed off on this garbage, and the institutional (especially pension fund) money managers who have allowed these clowns to remain on the company's board.

All Mozilo et al. need to say is "We were given these packages by our board" and that'll be that. This is a corporate governance, and the people responsible for the systematic breakdown of corporate governance in America need to be called to answer for this failures.