Executives from four financial institutions that have received a total of $75 billion in federal bailout funds promised at the hearing that none of the aid would be used for paying executives and employees.
“The committee has asked whether (bailout) funds would be spent on executive compensation,” said Jon Campbell, regional banking president for Wells Fargo & Co. in his testimony. “The answer is no. Wells Fargo doesn't need the government investment to pay for bonuses or compensation.”
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