Fingerpointing over Lehman bankruptcy continues
The contentious case of the Lehman Brothers bankruptcy has gotten more troublesome.
Now the company's former CEO said its bankruptcy had nothing to do with it or him.
According to a report from National Public Radio, former Lehman Brothers CEO Dick Fuld testified at a public hearing today, saying the company went bankrupt because the financial world lost confidence in it and the government failed to step in soon enough to save it.
NPR said that in his prepared testimony, Fuld devoted just 15 words to how the company made some mistakes. For the remainder of it, he instead blamed "uncontrollable market forces" and "rumors that Lehman did not have sufficient capital to support its investments." He added that the company went to the government and asked if it could convert to a bank holding company or let it take deposits, but was denied.
The Federal Reserve, meanwhile, said it did not allow Lehman to die, according to the Wall Street Journal. Instead, it just didn't want to save the company on terms dictated by its executives.
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