The heads of four of America's biggest financial institutions said they made mistakes and took on excessive risk, but they rejected the idea they caused the financial crisis that pushed the U.S. into its worst recession since the 1930s. "We did eat our own cooking, and we choked on it," John Mack, Morgan Stanley's chairman, told the Financial Crisis Inquiry Commission. Most of the session was cordial, but things became contentious during verbal sparring between Phil Angelides, the commission's chairman, and Goldman Sachs Group CEO Lloyd Blankfein.

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