With emotions still running high over the banking bailout plan, Richard Fuld, the CEO of bankrupt investment bank Lehman Brothers Holdings Inc., is scheduled to testify at a congressional hearing Monday regarding the collapse of his firm last month.
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The House Committee on Oversight and Reform is slated to hold two days
of hearings "to examine the regulatory mistakes and financial excesses"
that led to the bankruptcy filing by Lehman Brothers and the bailout of
American International Group Inc., according to the committee's
chairman Henry A. Waxman.
The
congressman's statement said that "lax oversight and reckless
investments on Wall Street are causing massive disruption throughout
our economy. ... Our hearings will examine what went wrong and who should
be held to account."
Unfortunately for Fuld the hearings original date was rescheduled from
Sept. 25 to Monday. And while circumstances were dire in late September,
things are bound to be more politically charged than ever in light of
the fight to pass a bailout package over the last two weeks that
spurred thousands to contact their congressional representatives. Day two
of the hearings will feature three former AIG chiefs -- Robert B.
Willumstad, Martin J. Sullivan and Maurice R. Greenberg.
- George
White
See Representative Waxman's statement
See Dealscape post on congressional hearings
See Dealscape post on Fuld's congressional hearings
