Bank CEOs Admit Mistakes at Financial Crisis Inquiry Commission Hearing

With the big Wall Street banks already experiencing a public backlash about expected bonus payments this year, the chief executives sought to emphasize that they have already started to change compensation structures.

"We understand the anger felt by many citizens," Moynihan noted, explaining that Bank of America's compensation pool this year will be greater than last year's but "certainly not back to pre-crisis levels."

The commission will hear from two more panels later today, including a group of financial market participants and then a handful of leading economists.

On Thursday the commission will conduct another hearing, headlined by federal regulators such as Attorney General Eric Holder, SEC boss Mary Schapiro, and FDIC chief Sheila Bair, among others.

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