It was a humiliating moment. Congressman Edolphus Towns was upbraiding a top Johnson & Johnson executive. Certainly Towns (D-N.Y.), the chairman of the House Committee on Oversight and Government Reform, has browbeaten his share of CEOs and Wall Street titans. But it's not the sort of thing that usually happens to J&J. At this hearing in May, though, Towns laid into the health care giant. "The information I've seen during the course of our investigation raises questions about the integrity of the company," he boomed. "It paints a picture of a company that is deceptive, dishonest, and has risked the health of many of our children."
6:50 p.m. -- Toyoda tears up and pauses for composure as he thanks the audience for their support. He describes the hearing as an opportunity to remind customers of the company's commitment to quality and safety. "We have to rethink everything about our operations to regain customers' confidence," he says, reading from a statement in English. "We have to reassert the values that have been our hallmark."
The exit of Bank of America chief executive officer Ken Lewis may silence some of his staunchest critics, but his departure is raising more questions than answers about the fate of the nation's largest bank.
AIG has stabilized thanks to a massive government bailout, but more than $120 billion in taxpayer loans to the insurance company remain at risk, according to a report issued Monday by a bailout overseer.
Congressional Republicans tore into the Obama administration over the economic stimulus plan Wednesday, arguing that the White House is mishandling the distribution of the money while overstating the ability of the package to create jobs.
The CEO of bailed-out insurer American International Group told Congress on Wednesday that the company has made "substantial" progress in its restructuring efforts, but lawmakers said they wanted more to show for it.
About the only thing Roger Clemens may have going for him these days is his celebrity, which is why I don't entirely blame him for his Campaign Across Congress, a tour meant to lobby for his no-steroid story with the aid of autographs and pictures.