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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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.

FORBES: Lessons Learned in the Aftermath of the Banking Crisis

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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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.

FORBES: Reducing Systemic Risk

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

FORBES: Wall Street's Prestige: The Less There Is to Go Around, the More Valuable It Gets

This is how with more than 90% of mortgages still paying on time, major companies like Merrill Lynch, Bear Stearns, AIG, and Lehman Brothers, found themselves suddenly bankrupt almost overnight.

FORBES: Media Parrot Obama Financial Crisis Campaign Propaganda

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 .

FORBES: Wall Street Buys Peace

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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