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Wall Street executives, raked over the coals for lavish compensation plans, apologized Wednesday for industry-wide mistakes in front of a committee investigating the financial crisis of 2008-2009.
Americans are furious and "have a right to be" about the hefty bonuses banks paid out after getting billions of dollars in federal help, Financial Crisis Inquiry Commission chairman Phil Angelides told the heads of four of America's largest financial institutions at the group's first public meeting
Originally posted by Magnum007
I must admit, it takes guts to come clean!
Angelides compared Blankfein to a used-car salesman selling cars that he knows has faulty breaks and then taking out on insurance policy on the cars. To some observers, Blankfein looked rattled by Angelides questions, and the Goldman chief ducked out of the hearing without talking to reporters, as John Mack and James Dimon did.
from same source above WSJ .... let 'em know, "Hell, yes, we're angry!!"
But is today’s public still capable of being shocked by Wall Street’s sins?
The crisis commission’s success may depend on it.