One hates to prejudge, but it seems highly unlikely that Stan O'Neal and Chuck Prince will share the real reason for the financial crisis when the former Wall Street chief executives testify on Thursday before US Congressman Henry Waxman and his committee on oversight. Both men were deposed last autumn, from Merrill Lynch and Citigroup respectively, in the wake of billions of dollars in losses while they were in control. Nevertheless, they still leftwith tens of millions of dollars in compensation.

"I request that you be prepared to provide your perspective on this reported pay package," Mr Waxman wrote to Mr O'Neal, "how it aligns with the interests of Merrill Lynch shareholders and whether this level of compensation is justified in light of your company's recent performance and its role in the national mortgage crisis." A similar letter went to Mr Prince.