Lehman’s Fuld called to Capitol Hill

Sep 17, 2008 @ 2:17 pm

By Andrew Coen

The House Committee on Oversight and Government Reform has scheduled a hearing to examine the regulatory mistakes and financial excesses that led to the collapse of Lehman Brothers Holdings Inc.

Lehman Brothers chief executive Richard S. Fuld Jr. has been asked to testify at the Sept. 25 hearing.

Rep. Henry Waxman, D Calif., the committee chairman, will examine the effects of New York-based Lehman Brothers’ collapse on the U.S financial markets and the economy.

After Lehman Brothers filed for Chapter 11 bankruptcy protection in the wake of huge losses related to the mortgage crisis, London-based Barclays PLC agreed to acquire the 158-year-old firm’s North American investment banking business for $1.75 billion (InvestmentNews, Sept. 16).

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