From AOL.COM:
Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke told lawmakers on Tuesday that the bankruptcy of Lehman Brothers serves as perhaps the best example of the need for the Obama administration’s proposed financial regulatory reforms. Geithner didn’t have to say it, but the Securities and Exchange Commission’s civil fraud suit against Goldman Sachs is probably Exhibit B in the government’s case for pressing on financial regulatory overhaul.
Perhaps predictably, the Treasury and Fed chiefs’ assessment of the forces behind Lehman’s collapse differed from those of former Lehman CEO Dick Fuld, who presided over the biggest bankruptcy in history and who also testified at the Tuesday hearing.
“There are few better examples of why we need comprehensive financial reform than Lehman Brothers,” Geithner read from his prepared testimony before the House Committee on Financial Services, which is conducting hearing on the collapse of the once high-flying investment bank…
Click here to read the full article.
