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Fuld Testimony Begins

Lehman CEO Richard Fuld, testifying before House Oversight and Government Reform Committee, said that he takes "full responsibility for the decisions that I made and for the actions that I took based on the information we had at the time."

He also said that with the benefit of hindsight, he would have done things differently. He said he "feels horrible" about what has happened to the company.

Fuld is likely to face stiff questioning about the company's last days.

In his statement, committee chairman Henry Waxman points to an internal Lehman document showing that four days before the company filed for bankruptcy, a request was submitted to the board's compensation committee for more than $20 million in "special payments" for three departing executives.

And when some Lehman employees suggested that top executives forgo their bonuses in light of the financial troubles, a member of the company's executive committee replied to other executives in an email that he wasn't sure "what's in the water" in the building where the suggestion came from.

-- Michael S. Rosenwald

By Michael S. Rosenwald  |  October 6, 2008; 12:59 PM ET
Categories:  The Ticker  
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Next: Waxman Asks Fuld: 'Is this fair?'

Comments

Americans are FED UP with this CEO thievery from the economy. If the government does not move to CAP these payouts, Americans are on the verge of marching on Wall Street by the millions, ready to pluck these JACK***ES out of their designer beds in their NY penthouses and administering a little comeuppance.

Posted by: Alexandria | October 6, 1908 2:08 PM | Report abuse

He will be keeping the money, though, right?

What kind of thief gets to keep the money after they've been caught?

a Republican thief!

Posted by: veep | October 6, 1908 2:24 PM | Report abuse

Fuld blames everyone, but the cause of the downfall of Lehman is his mismanagement and arrogance. Why should his executives get to keep their bonuses? Certainly their oversized salaries should be enough. Isn't there something that says in a bankruptcy (and certainly Lehman went into bankruptcy) the insiders must return their ill founded payments which are preferences to everyone else. Are there any creditor committees involved who would go after these monies. With the lack of trust and good faith displayed by Fuld and his cronies, no wonder the Lehman creditors were withholding all the funds they could lay their hands on.

Posted by: charles hopfl | October 6, 1908 2:58 PM | Report abuse

What we are witnessing is theft - pure and simple.

Ask yourself why people like Fuld get to be captains of these institutions... because they are takers of the hightest order - caring only for themselves while the rest of us can go to hell.

Posted by: Mark - Quebec Canada | October 6, 1908 3:01 PM | Report abuse

I wonder if Shakespeare was thinking about Wall Street CEOs when he wrote: "The first thing we do, let's kill all the lawyers." Same could be said about those crooks on Wall Street.

Posted by: Diogenes | October 6, 1908 3:36 PM | Report abuse

what comes now?charges brought against richie rich?then he can turn over the stolen money to a firm of shiester lawyers,while the ones who got robbed are left stunned.You gotta love it,man what some would do for frontier justice.God bless these powerful capitalists,they are the reason the sun shines on a farmers crop.

Posted by: geronimo | October 6, 1908 4:05 PM | Report abuse

Typical republicans: still stuffing their pockets with other people's $100 bills even as the roof collapses on them.

Obama is the LAST hope for this country, and even then, it may be too late.

-- faye kane, homeless brain
Read more of my smartmouth opinions at http://blog.myspace.com/fayekane

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Posted by: faye kane, homeless brain | October 6, 1908 4:35 PM | Report abuse

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