Shocker: Lehman Brothers Bailout Wasn’t Necessary Either

Published: October 6, 2008, 8:57 pm

Certainly we can’t say the Lehman Brothers bailout was necessary when we learn that executives were shoveling money into their own pockets even as they asked the taxpayers for a bailout, can we? WASHINGTON - Days from becoming the largest bankruptcy in U.S. history, Lehman Brothers steered millions to departing executives even while pleading for a federal rescue, Congress was told Monday. As well, executives who feared for their bonuses in the company’s last months were told not to worry, according to documents cited at a congressional hearing. One executive said he was embarrassed when employees suggested that Lehman executives forgo bonuses, and cracked: “I’m not sure what’s in the water.” The first hearing into what caused the nation’s financial markets to collapse last month, precipitating a $700 billion bailout, opened with finger-pointing and glimpses into internal company documents from Lehman’s chaotic last hours. The

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