Panetta Earned $700,000 in Speaking and Consulting Fees

WASHINGTON -- The White House's nominee for Director of the Central Intelligence Agency, Leon Panetta, has earned more than $700,000 in speaking and consulting fees since the beginning of 2008, with some of the payments coming from troubled banks and an investment firm that owns companies that do business with federal national security agencies.

Leon Panetta

Mr. Panetta received $56,000 from Merrill Lynch & Co. for two speeches and $28,000 for an Oct. 30, 2008 speech for Wachovia Corp. Both firms suffered big losses last year and were acquired by larger banks. The Wachovia honorarium was on Oct 30 of last year while the last Merrill Lynch honorarium was on Oct. 11, according to disclosure forms filed by Mr. Panetta in connection with his nomination. At the time, Bank of America had already agreed to a rescue of Merrill Lynch, while Wachovia had agreed to be acquired by Wells Fargo & Co.