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
Michael S. Rosenwald
October 6, 2008; 12:59 PM ET
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