Four of Wall Street's fattest fatcats are headed to Washington this morning to do some explaining about how exactly it was that the United States of America came to teeter on the brink of financial Armageddon. A 9/11 Commission-style panel appointed by Congress has the job of writing the narrative of the financial industry's collapse. Sitting in the hot seat will be Goldman Sachs' Lloyd Blankfein, JPMorgan Chase's Jamie Dimon, Morgan Stanley's John Mack, and Bank of America's Brian Moynihan.
The hearings come at the intersection of far-reaching financial reforms in Congress, huge bonuses on Wall Street, and White House consideration of fees on banks to cover $120 billion in bailout losses. The bankers' demeanor will be critical, reports the AP.