For Bankers, Who's the Boss?

Watching the CEOs of America's largest banks testifying this week to Congress about their roles in starting The Great Recession with varying levels of contrition and defiance raises the question: exactly who are banks really accountable to in these post-TARP days?

Who's the boss? Shareholders? Taxpayers? Customers (whom they routinely bet against)? The government? Some banks have repaid their TARP money but still borrow nightly from the Fed for next to nothing. Where do their allegiances lie?