Wall Street CEOs Take the Stand

Watch out, bankers. Congress is finally getting serious about the 2008 financial collapse, and their investigation will help shape public perception of the crisis. The Financial Crisis Inquiry Commission, a bipartisan panel of 10 people, begins Wednesday to examine the collapse. The CEOs of Goldman Sachs, J.P. Morgan, Morgan Stanley, and Bank of America—all well prepped by corporate lawyers and government-relations specialists—are set to testify. CEO James Dimon will argue that J.P. Morgan didn't engage in some of the riskiest practices before the collapse, and discuss regulatory gaps, while Morgan Stanley chairman John Mack will underscore his company's early response to the crisis, including tying compensation to long-term performance, according to two unnamed sources.The panel, modeled after the one that examined the 9/11 terrorist attacks, will look at 22 facets of the collapse, from bank compensation to monetary policy.