Bipartisan panel grills Wall Street CEOs
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.
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.