Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Wednesday, September 1, 2010

Did the Government Let Lehman Fail?

Much has been written about the problems of the Financial Crisis Inquiry Commission, principally the departure of staff members and internal rifts among Commissioners, that may make it difficult to meet the December deadline for its report.  Some of those tensions may have been on display at today's hearing, as Chairman Phil Angelides, a Democrat, cited emails from government officials that he said showed that government officials "made a conscious decision not to rescue" Lehman.  Republican Commissioners disputed that interpretation, noting there were other factors that caused Lehman to fail, such as the absence of a buyer.  WSJ, Clashing Testimony Over Lehman Bankruptcy.

The prepared testimony for today's witnesses, including Richard Fuld, is at the FCIC website.

The Hearing continues tomorrow, with Ben Bernanke and Sheila Blair scheduled to testify.

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