Lehman steered millions to execs before crash

The first hearing into what caused the nation8217;s financial markets to collapse last month, precipitating a 700 billion bailout, opened with finger-pointing and glimpses into internal company documents from Lehman8217;s chaotic last hours.

Rep Henry Waxman, D-Calif, chairman of the House Oversight and Government Reform Committee, said the giant investment bank was 8220;a company in which there was no accountability for failure.8221; Lehman8217;s collapse set off a panic that within days had President Bush and Treasury Secretary Henry Paulson asking Congress to pass the rescue plan for the financial sector.

Richard S Fuld Jr, chief executive officer of Lehman Brothers, declared to the committee, 8220;I take full responsibility for the decisions that I made and for the actions that I took.8221; He defended his actions as 8220;prudent and appropriate8221; based on information he had at the time.

8220;I feel horrible about what happened,8221; he said.