Congress Examines Lehman’s 'Excesses'

Source: ABC News

ABC News' Scott Mayerowitz reports: Just one day after Lehman Brothers filed for bankruptcy, Congress decided to look into its collapse.

The House Committee on Oversight and Government Reform and its chairman Henry A. Waxman, D-Calif., called Lehman CEO Richard Fuld to testify Sept. 25.

The hearing will “examine the regulatory mistakes and financial excesses that led to the bankruptcy filing. The committee will also explore the impacts of the bankruptcy on financial markets and the United States economy.

Waxman has been active this year looking at Wall Street and excesses. Back in March, his committee looked at how much CEOs of three companies behind the subprime mortgage market make millions of dollars while thousands of Americans lost their homes and investors lost billions of dollars.



Read more: http://blogs.abcnews.com/moneybeat/2008/09/congress-examin.html

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Hey McShame - the Waxman and the Democrats are already on the case!

Perhaps someone should ask Waxman if he ever heard of the Banking Reform Act of 1999.

Oh wait a minute, wasn't that a Bill that both Dems and Repukes sponsored??