Bank CEOs: We underestimated financial crisis

From left, Goldman Sachs Group, Inc. Chairman and Chief Executive Officer Lloyd Blankfein; JPMorgan Chase & Company Chairman and Chief Executive Officer James Dimon; Morgan Stanley Chairman John Mack, and Bank of America Corporation Chief Executive Officer and President Brian Moynihan, are sworn-in on Capitol Hill in Washington, Wednesday, Jan. 13, 2010, prior to testifying before the Financial Crisis Inquiry Commission, (AP Photo/Pablo Martinez Monsivais)

January 13, 2010 8:46:08 AM PST
Wall Street executives said Wednesday they underestimated the severity of the 2008 financial crisis and made poor decisions, while also defending their bonus and compensation practices to a skeptical commission investigating what caused the collapse.