"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.... executives who feared for their bonuses in the company's last months were told not to worry....
The rescue plan, now law, was so rushed that the usual congressional scrutiny is only coming now, after the fact."
Yeah, thanks a lot FUCKING DemocraPs!!!!!!!!!!
Also see: Bush Administration Driving Dow Dump
The Chinese Solution to Wall Street's Woes
The Indian Solution to Wall Street's Woes
"Congress opens hearings on financial meltdown" by Julie Hirschfeld Davis, Associated Press Writer | October 6, 2008
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.
Richard S. Fuld Jr., chief executive officer of Lehman Brothers, took home some $480 million in compensation since 2000. Fuld said his compensation was not quite that much.
The rescue plan, now law, was so rushed that the usual congressional scrutiny is only coming now, after the fact. --more--"
