Bank CEOs Apologize for Bad Behavior Sort Of

Bankers were grilled today at a Financial Crisis Inquiry Commission hearing. They don't sound too sorry and they're defending their bonuses. We can count on the fact that ONLY regulations will matter, not apologies. Bankers will never understand the backlash against them.

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.

Americans are furious and "have a right to be" about the hefty bonuses banks paid out after getting billions of dollars in federal help, the commission's chairman told chief executives of four major banks.
As the hearings opened before the Financial Crisis Inquiry Commission, Phil Angelides pledged "a full and fair inquiry into what brought our financial system to its knees."

Brian Moynihan, chief executive and president of Bank of America, said compensation levels will be higher next year than they were in 2008, but not at levels before the financial meltdown.

"We understand the anger felt by many citizens," he said. "We are grateful for the taxpayer assistance we have received."
Read more at Daily Finance

Watch investment banker Peter Solomon's comments here. He says there may already be enough regulation but not enough supervision of the regulations. As you will see, he's more defensive than apologetic.

Obama may tax bankers:

Obama in Virginia Talking Jobs

See Tim Kaine and Obama's remarks about the consequences of falling bridges here.

Swamp: Today, while House and Senate leaders attempt to hammer out an agreement on an economic stimulus that came out of the House at $819 billion and came out of the Senate at $838 billion -- and conflict in many key ways -- Obama will take a short hop down the road to Springfield, Va., using a construction site there to tout job creation.

The Virginia governor and chairman of the Democratic National Committee, Tim Kaine, will join the president in Springfield.

Tomorrow, Obama will be in Peoria, Illinois to celebrate Lincoln's birthday. He will also visit the Caterpillar plant.
Meanwhile, the house and the senate are munching on the two versions of the stimulus bill trying to turn it into one and live at CNN, Barney Frank's Financial Services committee is grilling bank executives about misspent money.
Obama at construction site in Virginia: