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Bipartisan panel grills Wall Street CEOs

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WASHINGTON (AP) -- Top bank executives defended their bonus and compensation practices to a special commission investigating the 2008 financial collapse Wednesday, but the head of the panel asserted that risky financial actions led to devastating consequences for American families.

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Phil Angelides, chairman of the Financial Crisis Inquiry Commission, told the CEOs of top U.S. banks that Americans are angry and "they have a right to be."

Jamie Dimon, the CEO of JPMorgan Chase & Co., told the panel that most of his employees took "significant cuts in compensation" in 2008.

He said his bank would continue to pay employees in a "responsible and disciplined manner" to attract and keep the best talent.

He was joined by Goldman Sachs Group Inc. Chairman-CEO Lloyd Blankfein, CEO James Dimon, Morgan Stanley Chairman John Mack and Bank of American Corp. CEO-President Brian Moynihan.

The panel is holding hearings at a time of rising public fury over bankers and bailouts.

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