Lehman's Fuld to testify at congressional hearing

reuters ^ | 10/03/08 | Bill Berkrot

[HarryCaul]

Disgraced CEO Richard Fuld, who oversaw the demise of venerable Lehman Brothers Holdings Inc that helped tip the credit crunch into a full-blown crisis, will testify at a congressional hearing next week.

Rep. Henry Waxman, the Democratic chairman of the U.S. House of Representatives Committee on Oversight and Government Reform, has called Fuld and former chief executives of insurer American International Group Inc to appear at hearings into the financial excesses that led to the collapse of the companies.

"Lax oversight and reckless investments on Wall Street are causing massive disruption throughout our economy," Waxman said in a statement on the committee's website. "Our hearings will examine what went wrong and who should be held to account."

[HarryCaul]

Let the games begin!

[nobama08]

I am not very savy when it comes to economics, so can anyone explain to me why they are having hearings after the $900 billion bailout bill has been signed into law?

[rbg81]

Yeah. Waxman will (verbally) slice these guys up into a thousand pieces and play with their blood on national TV. It may be well deserved, but its just so much grandstanding from a crowd that shares a good part of the blame. The horses are out of the barn. And people have been sounding the warning bells for years. And if Waxman and the Dems are so frecking smart, they would have listened. But no, too many people were making too much $$ to even consider putting out the bonfire.

[detective]

These hearings will be like the Stalin show trials in the former Soviet Union. Former executives will be threatened with prosecution or worse if they do not agree that they are guilty and that Democrats are blameless. Hopefully, the weak kneed and cowardly Republicans will stand up for themselves and not be run over like they were in the Fannie Mae oversight hearings.

[Aliska]

Yeah, I think it’s just for show. Too many hands in this cookie jar. Thanks but no thanks. We’ll get to the bottom of it ourselves.

[clintonh8r]

Name names, baby. Name names.

[clintonh8r]

It’s what Democrats do.

[EBH]

Not...

As far as I’m concerned it is all a big ole’ FARCE!

We don’t want another ‘congressional hearing’ we want real prosecutions.

[Peter W. Kessler]

If he names one name the demorats don’t want to hear, Waxman will adjourn the hearings forever.

[acapesket]

Funny how Henry’s Nostrils are pumping when he thinks he has a Pub.
This just may be be the fleas coming home to roost in Henry’s nostrils, let us hope.

[ThomasMore]

This is the best synopsis I’ve read on any forum of the current debacle.

[VOA]

Disgraced CEO Richard Fuld,...

As much as I DETEST the RICH PECKERWOODS that have promoted
and profited from the DEMOCRAT-PIMPED mortgage crisis...
I do have some sympathy for one who was probably a geeky guy
in high school that had to daily be taunted with shouts from the jocks of...
"Hey DICK FULD...is your D--K full?!?!?!"

For that horrid name picked by at least one of his parents
(and probably forced on the other parent)...
I almost have sympathy on this guy.

Well, at least as much as I did for Michael Millkin for his
GAWD-AWFUL hair-piece.

(Yes, I am being a bit facetious. As far as I'm concerned as
an abused investor in stocks...Richard Fuld and ALL of other
Wall Street turds deserve to spend AT THE LEAST a couple of
DECADES in a cell with Bwaney Fwank.)

[Mr. UhUhUh]

I don’t see any mention of the guys who head up or headed up Fannie and Freddie as being invited.
I wonder if guys like Frank, Dodd, Schummer, will have to testify as well.
I won’t hold my breath......

[rbg81]

Thanks—I wasn’t even trying that hard. :^)

[SERKIT]

Will any Reps have the stones to call up Raines, Johnson, and Gorelick to the hot seat?

[clintonh8r]

Depends on who’s on the committee.

[fightinJAG]

The Republicans on the committee need to take this opportunity to start the required process of demonstrating that it was the Democrats who caused this mess.

BFrank’s boyfriend even was an executive at Fannie during all this!

Anyway, we need to direct our outrage toward encouraging this Republicans to take the gloves off during this hearing.

[fightinJAG]

Oh, great. The minority leader on this committee is Tom Davis (R-VA). Not strong.

But we need to focus on him anyway to motivate him to turn this hearing into a true truth-finding exercise.

[fightinJAG]

Here are the GOP members of the committee. They need to hear from us:

GOP Members
Rep. Tom Davis (VA-11), Ranking Republican Member
Rep. Dan Burton (IN-05)
Rep. Christopher Shays (CT-04)
Rep. John M. McHugh (NY-23)
Rep. John L. Mica (FL-07)
Rep. Mark E. Souder (IN-03)
Rep. Todd Russell Platts (PA-19)
Rep. Chris Cannon (UT-03)
Rep. John J. Duncan Jr. (TN-02)
Rep. Michael Turner (OH-03)
Rep. Darrell E. Issa (CA-49)
Rep. Kenny Marchant (TX-24)
Rep. Lynn A. Westmoreland (GA-03)
Rep. Patrick T. McHenry (NC-10)
Rep. Virginia Foxx (NC-05)
Rep. Brian Bilbray (CA-50)
Rep. Bill Sali (ID-01)
Rep. Jim Jordan (OH-04)

[fightinJAG]

I noticed Chris Shays is on this committee. He’s excellent on this issue. Everybody needs to write him and give him support in taking up the fight to hold the Rats accountable for this crisis.

Congressman Christopher Shays
1126 Longworth Building
Washington, DC 20515-0704

Washington, DC 202/225-5541

Email here:

http://www.house.gov/shays/contact/index.shtml