(October 6, 2008)—Members of a congressional panel learned Monday that even as Lehman Brothers pleaded for a federal rescue, it was steering millions of dollars to executives who were on the way out.
The account came from internal documents from Lehman’s final hours introduced at the first hearing into what caused the nation's financial markets to collapse last month.
The hearing before the House Government Oversight Committee is part of the normal congressional review process.
Much of that was skipped in the rush to get the rescue bill enacted and to reassure nervous investors and the public.
More hearings will be held in coming weeks.
Lehman Brothers Holdings Incorporated became the largest company to file for bankruptcy, and that event along with the government's rescue of American International Group Incorporated was among a host of developments that fostered growing market instability in the United States and around the world.
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