In Washington, top bank executives are defending their bonus and compensation practices today in front of a special commission investigating the 2008 financial collapse.

The Associated Press reports that Phil Angelides, the head of the Financial Crisis Inquiry Commission who is running the investigation,  said risky financial actions have led to devastating consequences for American families, and that Americans have a right to be angry.

Jamie Dimon, the CEO of JPMorgan Chase & Co., told the panel that most of his employees took "significant cuts in compensation" in 2008. Dimon said his bank would continue to pay employees in a "responsible and disciplined manner" to attract and keep the best talent.

Goldman Sachs Group Inc. Chairman-CEO Lloyd Blankfein, Morgan Stanley Chairman John Mack and Bank of America Corp. CEO-President Brian Moynihan were also all at the panel hearings.

Moynihan, 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."

tisan panel grills Wall Street CEOs By DANIEL WAGNER and JIM KUHNHENN Associated Press Writers

AP Photo/Lawrence Jackson Latest News Bipartisan panel grills Wall Street CEOs   Buy AP Photo Reprints Your Questions Answered Ask AP: Homebuyer tax break, texting while driving   Interactives State budget gaps map Auto industry problems trickle down, punish Tennessee county Women give old Derby hats a makeover in tough economy S.C. town deals with highest unemployment in South How mortgages were bundled and sold as securities Tracking the $700 billion financial bailout Tracking the year's job losses State-by-state foreclosures since 2007 Credit crisis explained Presidents and their economic legacies Lexicon of the financial crisis Americans' addiction to debt Related Stories Bipartisan panel grills Wall Street CEOs   WASHINGTON (AP) -- Top bank executives defended their bonus and compensation practices to a special commission investigating the 2008 financial collapse Wednesday, but the head of the panel asserted that risky financial actions led to devastating consequences for American families. Phil Angelides, chairman of the Financial Crisis Inquiry Commission, told the CEOs of top U.S. banks that Americans are angry and "they have a right to be." Jamie Dimon, the CEO of JPMorgan Chase & Co., told the panel that most of his employees took "significant cuts in compensation" in 2008. He said his bank would continue to pay employees in a "responsible and disciplined manner" to attract and keep the best talent. He was joined by Goldman Sachs Group Inc. Chairman-CEO Lloyd Blankfein, CEO James Dimon, Morgan Stanley Chairman John Mack and Bank of American Corp. CEO-President Brian Moynihan. The panel is holding hearings at a time of rising public fury over bankers and bailouts.