Following on from our summary of what Britain's (ex)-banking heads told the Treasury Select Committee, here's the annotated version of what US banking heads told Congress yesterday. This is taken from live blogging (and is not necessarily in the order of occurrence) by Deal Journal and DealBook. Unfortunately, most of the interesting things were uttered by John Mack.
J. Mack: Bankers get bonuses because Wall Street investment banks evolved from small partnerships where people took small salaries and then divided up the profits at the end of the year.
J. Mack (again) : People have already been leaving MS to work at European banks where there's no pay cap.
J. Mack (once again): We love what we do, if you gave us no bonus we would still be here. (Vikram Pandit apparently feels the love too).
K. Lewis: "No one on my management team has a contract or golden parachute or severance." Deal Journal points out that this implies that he doesn't consider Tom Montag as part of the management team.