The CEOs of the country’s major banks came under a grilling yesterday, as the Financial Crisis Inquiry Commission kicked off hearings on the causes of last year’s economic meltdown. We get reaction from Elizabeth Warren, who heads the group charged with overseeing the U.S. banking bailout, the Congressional Oversight Panel.

The chief executives of Goldman Sachs, JPMorgan Chase, Morgan Stanley and Bank of America concurred: Their boards were not counting on the government to rescue the banks right after Lehman collapsed. But the bailout happened anyway, and now the Congressional Oversight Panel is wondering how to rescind this implicit guarantee.