The eight bank chief executives who will testify before Congress today will explain how they have used money from the government's Troubled Asset Relief Program, or TARP.
The executives have spurred their share of headlines in recent months for everything from defending their banks' spending practices to forgoing their multimillion-dollar bonuses, as at least seven bank CEOs have done so far.
Below, a look at the eight men, their compensation and the financial firms they run. Compensation totals, which are courtesy of James F. Reda and Associates, do not include retirement investments and other deferred compensation.
John J. Mack, chairman and chief executive officer, Morgan Stanley
2007 Compensation: Salary of $800,000 plus $40.2 million in stock awards.
Morgan Stanley CEO John Mack and two other top Morgan executives will forgo their 2008 bonuses, but that didn't stop protesters from descending on Mack's New York home Monday morning.
Neighborhood Assistance Corp. of America demonstrated outside Mack's Rye, N.Y., home, calling for home-loan modifications with signs bearing messages such as "Fix our loans, save our homes." NACA also held a protest at the Greenwich, Conn., home of the chief executive of the smaller financial firm Greenwich Financial Services.
NACA head Bruce Marks told The Associated Press that he blamed Mack for opposing loan modifications that would help homeowners avoid foreclosures.
Morgan Stanley, which received $10 billion in TARP investments, told the AP that its mortgage-servicing business "actively collaborates" with NACA to structure solutions for qualified borrowers so they can remain in their homes.
While it's unclear exactly how Morgan will spend its TARP funds -- the firm told ABC News last month that the government money "has allowed Morgan Stanley to make several multibillion-dollar loan commitments to leading American companies" -- Mack hopes to start paying the government back this year.
"We're waiting for the capital markets to open again," Mack said during a special shareholders meeting, the Dow Jones Newswires reported Tuesday. "Our intent is to pay it off as soon as it is feasible."
Morgan Stanley was once a part of the powerhouse quintet that included the country's four other top brokerage firms: Bear Stearns, Goldman Sachs, Lehman Brothers and Merrill Lynch. Of the five, Morgan and Goldman were the only firms to avoid bankruptcy or a buyout, but barely -- both became bank-holding companies in the fall in order to qualify for TARP funds. The move brought stability to the firms but also opened them up to more government regulation.
Mack, 64, a 30-year veteran of Morgan Stanley, is forgoing his bonus for the second consecutive year.