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Former Fed chief Alan Greenspan faced some of the toughest questioning yet about his role in the financial crisis at a hearing Wednesday marked by tense exchanges with a longtime foe.

Later in the day, members of the congressionally chartered Financial Crisis Inquiry Commission also ripped Citigroup Inc. executives for their role in the subprime meltdown, where Citigroup was an early and major casualty. The commission is holding three days of hearings on the evolution of the subprime market.

Panel members repeatedly questioned why Mr. Greenspan didn't do more to stem the flow of risky subprime loans, pop the resulting ...