Lehman's Golden Parachutes Were Being Secured While Execs Were Pleading For Federal Rescue stumble digg reddit del.ico.us news trust huffington_post:http://www.huffingtonpost.com/2008/10/06/lehmans-golden-parachutes_n_132258.html mixx.com JULIE HIRSCHFELD DAVIS | October 6, 2008 03:58 PM EST | Compare other versions » Compare 03:58 PM EST02:36 PM EST02:21 PM EST02:13 PM EST01:10 PM EST01:08 PM EST01:07 PM EST12:30 PM EST12:29 PM EST12:28 PM EST12:27 PM EST12:16 PM EST12:14 PM EST12:07 PM EST12:06 PM EST11:58 AM EST11:39 AM EST11:32 AM EST11:07 AM EST10:46 AM EST and 03:58 PM EST02:36 PM EST02:21 PM EST02:13 PM EST01:10 PM EST01:08 PM EST01:07 PM EST12:30 PM EST12:29 PM EST12:28 PM EST12:27 PM EST12:16 PM EST12:14 PM EST12:07 PM EST12:06 PM EST11:58 AM EST11:39 AM EST11:32 AM EST11:07 AM EST10:46 AM EST versions Lehman Brothers Holdings Inc. Chief Executive Richard S. Fuld Jr., testifies before the House Oversight and Government Reform Committee on Capitol Hill in Washington, Monday, Oct. 6, 2008, on the collapse of Lehman Brothers. (AP Photo/Susan Walsh) document.write(' Get Breaking News Alerts never spam '); WASHINGTON — Days from becoming the largest bankruptcy in U.S. history, Lehman Brothers steered millions to departing executives even while pleading for a federal rescue, Congress was told Monday. As well, executives who feared for their bonuses in the company's last months were told not to worry, according to documents cited at a congressional hearing. One executive said he was embarrassed when employees suggested that Lehman executives forgo bonuses, and cracked: "I'm not sure what's in the water." The first hearing into what caused the nation's financial markets to collapse last month, precipitating a $700 billion bailout, opened with finger-pointing and glimpses into internal company documents from Lehman's chaotic last hours. Rep. Henry Waxman, D-Calif., chairman of the House Oversight and Government Reform Committee, said the giant investment bank was "a company in which there was no accountability for failure." Lehman's collapse set off a panic that within days had President Bush and Treasury Secretary Henry Paulson asking Congress to pass the rescue plan for the financial sector. Richard S. Fuld Jr., chief executive officer of Lehman Brothers, declared to the committee "I take full responsibility for the decisions that I made and for the actions that I took." He defended his actions as "prudent and appropriate" based on information he had at the time. "I feel horrible about what happened," he said. Waxman questioned Fuld on whether it was true he took home some $480 million in compensation since 2000, and asked: "Is that fair?" Fuld took off his glasses, held them, and looked uncomfortable. He said his compensation was not quite that much. http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x4180067 --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "WebTV Dawgs/Dittos" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/WebTV-Pals -~----------~----~----~----~------~----~------~--~---
