Bank Execs Defend Big Bonuses after Bailout

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Top bank executives took a grilling Wednesday from a special commission investigating the financial collapse.

"People are angry. They have a right to be. Acts of God will happen. These were acts of men," Phil Angelides, Chairman of the Financial Crisis Inquiry Commission, said.

The heads of Goldman Sachs, JP Morgan Chase, Morgan Stanley and Bank of America were pressed to determine if their actions triggered a global recession.

The executives also defended taking bonuses after getting a federal bailout.

"The compensation always correlated with the results of the firm," Goldman Sachs CEO Lloyd Blankfein said.

The Financial Crisis Inquiry Commission will deliver a report to Congress later this year.

The Obama administration, however, is already considering taxing banks that it believes take part in risky behavior.

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