{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='CEO under fire as he gives evidence over collapse' data-url='/boclips/videos/5c54c077d8eafeecae14af22' data-video-url='/boclips/videos/5c54c077d8eafeecae14af22' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nCEO under fire as he gives evidence over collapse\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Photographers taking pictures of Lehman Brothers' chief executive officer Richard Fuld2. US House committee members3. Fuld getting sworn in to the committee hearing4. SOUNDBITE (English) Representative Henry Waxman, California...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Photographers taking pictures of Lehman Brothers' chief executive officer Richard Fuld\u003cbr/\u003e2. US House committee members\u003cbr/\u003e3. Fuld getting sworn in to the committee hearing\u003cbr/\u003e4. SOUNDBITE (English) Representative Henry Waxman, California (Democrat) \u003cbr/\u003e\"Your company is not bankrupt, our economy is in crisis, but you get to keep 480 (m) million dollars. I have a very basic question for you, is this fair?\"\u003cbr/\u003e5. Fuld taking off his glasses after Waxman's question\u003cbr/\u003e6. TV screen showing Fuld's income/compensation over last eight years\u003cbr/\u003e7. SOUNDBITE (English) Richard Fuld, Chief Executive Officer, Lehman Brothers \u003cbr/\u003e\"We had a compensation committee that spent a tremendous amount of time making sure that the interests of the executives and the employees were aligned with shareholders.\"\u003cbr/\u003e8. Hearing\u003cbr/\u003e9. SOUNDBITE (English) Richard Fuld, Chief Executive Officer, Lehman Brothers\u003cbr/\u003e\"I want to be very clear, I take full responsibility for the decisions that I made and for the actions that I took. Based on the information that we had at the time, I believe that these decisions and actions were both prudent and appropriate. None of us ever gets the opportunity to turn back the clock, but with the benefit of hindsight, would I have done things differently? Yes, I would have.\"\u003cbr/\u003e10. Pan of hearing\u003cbr/\u003e11. SOUNDBITE (English) Richard Fuld, Chief Executive Officer, Lehman Brothers:\u003cbr/\u003e\"I feel horrible about what has happened to the company and its effects on so many - my colleagues, my shareholders, my creditors and my clients.\"\u003cbr/\u003e12. Hearing\u003cbr/\u003e13. Fuld, partly overlaid with UPSOUND (English) Representative Jon Mica, Florida (Republican) \"Wait till you hear this one. If you haven't discovered your role, you're the villain today, so you've got to act like the villain here.\"\u003cbr/\u003e14. Fuld\u003cbr/\u003e15. SOUNDBITE (English) Representative Dennis Kucinich, Ohio (Democrat): \u003cbr/\u003e\"Did you mislead your investors?  And I remind you sir, you are under oath.\"\u003cbr/\u003e16. SOUNDBITE (English) Richard Fuld, Chief Executive Officer, Lehman Brothers:\u003cbr/\u003e\"No sir, we did not mislead our investors, and to the best of my ability at the time, given the information that I had, we made disclosures that we fully believed were accurate.\"\u003cbr/\u003e17. Hearing\u003cbr/\u003e18. SOUNDBITE (English) Representative Henry Waxman, California (Democrat):\u003cbr/\u003e\"Because it seems that the system worked for you, but it didn't seem to work for the rest of the county and the taxpayers who now have to pay up to 700 (b) billion dollars to bail out our economy.\"\u003cbr/\u003e15. Hearing\u003cbr/\u003eThe now-bankrupt US investment bank Lehman Brothers arranged (M) millions of dollars in bonuses for fired executives as it pleaded for a federal\u003cbr/\u003elifeline, lawmakers learned on Monday as the US Congress began investigating what went so wrong on Wall Street to prompt a massive bailout.\u003cbr/\u003eThe first in a series of congressional hearings on the roots of the financial meltdown yielded few major revelations about Lehman's collapse.\u003cbr/\u003eNeither did it clarify why government officials, as they scrambled to avert economic catastrophe, declined to rescue the flagging company while injecting tens of (B) billions of dollars into others.\u003cbr/\u003eBut it allowed lawmakers still smarting from Friday's politically painful vote for the 700 (B) billion rescue to put a face on their outrage at corporate leaders who took home (M) millions while betting on risky mortgage-backed investments that ultimately brought the financial system to its knees.\u003cbr/\u003eThat face was Richard S. Fuld Junior, the Lehman chief executive who sat for a two-hour-plus grilling before the House Oversight and Government\u003cbr/\u003eReform Committee on Monday as the panel combed through his pay history, management practices and financial strategies.\u003cbr/\u003eA subdued Fuld opened his testimony declaring he took \"full responsibility\" for decisions he made and actions he took, but he conceded no errors or misjudgements in the chaotic period that led to the firm's bankruptcy.\u003cbr/\u003eHe also said that a compensation system that he estimated paid him about 350 (M) million between 2000 and 2007, even as the company headed for disaster, was appropriate.\u003cbr/\u003eThat was not good enough for some lawmakers who decried what they called a culture of entitlement at Lehman even as the company's performance nosedived.\u003cbr/\u003eRepresentative Henry Waxman, the Democrat chairman of the House Oversight and Government Reform Committee, outlined Fuld's exorbitant pay packages and noted that shareholders ended up with nothing, asking the CEO if he thought this was \"fair\"\u003cbr/\u003eFuld took off his glasses, held them, and appeared uncomfortable as he said his compensation was not quite that much.\u003cbr/\u003e\"We had a compensation committee that spent a tremendous amount of time making sure that the interests of the executives and the employees were aligned with shareholders,\" he said. \u003cbr/\u003eThe panel unearthed internal documents showing that on September 11, Lehman planned to approve \"special payments\" worth 18.2 (M) million for two executives who were terminated involuntarily, and another five (M) million for one who was leaving on his own.\u003cbr/\u003eThat was just four days before the government let Lehman go under, touching off a cascading series of financial shocks and failures that put\u003cbr/\u003eWashington on track for the multibillion-dollar rescue the Bush administration urgently requested from Congress at the end of that week.\u003cbr/\u003eThe bailout, now law, was so rushed that the usual congressional scrutiny is only coming now, after the fact.\u003cbr/\u003eFuld said Lehman did everything it could to limit its risks and save itself. \u003cbr/\u003eIt failed, he said, because of a crisis in confidence on Wall Street, market manipulation in which investors preyed on distressed financial players by betting on their demise, and would-be buyers who waited for the government to step in to help fund a sale.\u003cbr/\u003eRepublicans dismissed Monday's hearing as little more than a political stunt given that it failed to probe the role of Fannie Mae and Freddie Mac - huge players in the mortgage market - in the financial meltdown.\u003cbr/\u003e\"If you haven't discovered your role today, you're the villain, so you have to act like the villain,\" Florida representative John Mica told Fuld facetiously, earning a tight smile.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv 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