Banks Execs In Hot Seat Over Financial Collapse

Law360, New York (January 13, 2010, 4:53 PM EST) -- Chief officers of Goldman Sachs Group Inc., JPMorgan Chase & Co., Morgan Stanley and Bank of America Corp. faced tough questioning Wednesday over the roles their firms played in the 2008 economic meltdown, in the first hearing before a bipartisan congressional task force convened to identify the causes of the crisis.

The Financial Services Inquiry Commission summoned top officials from the four major Wall Street firms to answer commissioners' pointed questions about where to lay the blame for excessive risk-taking that helped fuel the housing bubble...
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