This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Bank CEOs Grilled on Capitol Hill

Stocks in this article: GS AIG BAC

The average worker at JPMorgan earned $97,000 last year. Roughly 11,000 received pay packages over $1 million, which was what Dimon took home. Though he didn't take a bonus in 2008, at the peak of the crisis, he had earned $57 million during the two previous years.

The average American now earns $20,681 per year, according to the most recent Labor Department survey.

When Mack was asked by a reporter during a break about how Americans ought to feel about big banker bonuses he responded: "Mine is zero, okay?" (The zero doesn't include $40.4 million he received from 2006 through 2008.)

Also appearing before the commission was Bank of America's (BAC) new CEO, Brian Moynihan , who was perhaps the most humble and deferential of the banking titans. But he also might have had the least to say. Moynihan has only been at the helm for 13 days, having served brief stints leading two major banking divisions immediately prior to his appointment.

When asked about "too big to fail," he preempted his thoughts on the topic by saying "I wasn't party to those discussions" with regulators.

Goldman's Blankfein, on the other hand, appeared impatient and even irreverent at times, answering snarkier questions in a matter-of-fact or testy way. At one point, he tried to explain away a seeming conflict of interest at Goldman, in which it bets against the same positions which it advises clients to take. While it must disclose those positions in a timely and honest fashion, Blankfein asserted that Goldman has no duty to ensure that clients make money.

3 of 5

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs