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For ex-Lehman chief, a tough sell in D.C.
BY THE ASSOCIATED PRESS
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Published: October 7, 2008
Associated Press
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WASHINGTON — The now-bankrupt investment bank Lehman Brothers arranged millions in bonuses for fired executives as it pleaded for a federal lifeline, lawmakers learned Monday. The revelation came as Congress began investigating what went so wrong on Wall Street to prompt a $700 billion government bailout.
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The first in a series of congressional hearings on the roots of the financial meltdown yielded few major details about Lehman’s collapse. Absent was an explanation why government officials declined to rescue the company while injecting tens of billions of dollars into others.
But it allowed lawmakers to put a face on outrage at corporate chieftains who took home fortunes while betting on risky mortgage-backed investments that brought the financial system to its knees.
That face was Richard S. Fuld Jr., the Lehman chief executive who sat for a two-hour-plus grilling before the House Oversight and Government Reform Committee. The panel combed his pay history, management practices and financial strategies.
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