You have invited the Treasury here today to discuss the ongoing challenges in our credit markets, and specifically the agreement between JPMorgan Chase and the Bear Stearns Companies.

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The company's failure could also have cast doubt on the financial conditions of some of Bear Stearns' many counterparties or of companies with similar businesses and funding practices, impairing the ability of those firms to meet their funding needs or to carry out normal transactions.

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It is true that former directors of Lehman Brothers and Bear Stearns still serve on the boards of public companies.

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To illustrate the point, I have drawn lessons learned from two companies (Bear Stearns and Lehman Brothers) that were misaligned from a pay and performance perspective, and two companies (JP Morgan and Morgan Stanley) that were relatively aligned.

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Other companies paying into the global settlement include: Morgan Stanley , Goldman Sachs , Bear Stearns , Lehman Brothers , the UBS Warburg unit of UBS and Deutsche Bank .

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Government-sponsored companies like Fannie Mae and Freddie Mac, and the big investment banks, especially Bear Stearns and Lehman Brothers, buy loans, package and resell them.

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In the first three months of 2008, eight chief executives of major U.S. companies, including Bear Stearns, Morgan Stanley and First American agreed to forgo their bonuses, compared to 4 for the previous twelve months, according to Equilar's research.

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