Posted on 10/06/2008 10:52:23 PM PDT by Syncro
WASHINGTON — The now-bankrupt investment bank Lehman Bros. arranged millions in bonuses for fired executives as it pleaded for a federal lifeline, lawmakers learned Monday, as Congress began investigating what went so wrong on Wall Street to prompt a $700 billion government bailout.
The first in a series of congressional hearings on the roots of the financial meltdown yielded few major revelations about Lehman's collapse, and none about why government officials, as they scrambled to avert economic catastrophe, declined to rescue the flagging company while injecting tens of billions of dollars into others.
But it allowed lawmakers still smarting from a politically painful vote Friday for the largest federal market rescue in history to put a face on their outrage at corporate chieftains who took home hundreds of millions of dollars while betting on risky mortgage-backed investments that ultimately brought the financial system to its knees.
That face was Richard Fuld Jr., the Lehman chief executive who sat for a two-hour-plus grilling before the House Oversight and Government Reform Committee as the panel combed through his pay history, management practices and financial strategies.
A subdued Fuld opened his testimony declaring, "I take full responsibility for the decisions that I made and for the actions that I took," but he conceded no errors or misjudgments in the chaotic period that led...
(Excerpt) Read more at chron.com ...
It didn’t work for Lehman shareholders either. I lost a bundle on Lehman but see that Fuld walked away with $300 million. In China, he would be hanged. Not a bad idea
That chick needs to put a bag over her head! No wonder the Code Pinkos hate Sarah Palin!
...And another thing: If Ms. Benjamin were intellectually honest, she'd brandish that sign in front of Nancy Pelosi, Barney Frank, Chris Dodd, Maxine Waters...and the One himself, Barack Obama.
LOL
After the hearing — which started before a crowd of journalists and a smattering of protesters, then ended almost five hours later before a half-full room — a weary-looking Mr. Fuld approached Mr. Waxman and said he hoped his testimony was helpful. He then left under protection from Capitol Police officers, going to a waiting sport utility vehicle while members of the protest group Code Pink pelted him with insults and called for Mr. Fuld to be jailed.
Did Lehman Brothers swindle any money out of the Chinese? If so, instead of having our taxpayers pay back the Chinese, why not simply announce that we won't particularly oppose extradition of the LB executives?
Unless this company cooked the books or were into illegal activities, I concede that the guy made an exorbitant salary, but he may not be guilty of anything illegal.
They have to find someone else to blame. I saw Waxman raking him over the coals.
Someone posited, but it might be another piece of the puzzle, that they didn't want the other companies to file bankruptcy because certain details implicating various members of Congress (and undoubtedly others) would come to light.
lol!!
They are semi equal opportunity haters.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.