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Lehman Brothers rescue would have been unlawful, insists Bernanke
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- Lehman Brothers bosses could face court over accounting 'gimmicks';
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- Lehman Brothers bosses could face court over accounting 'gimmicks' | Business | The Guardian;
Get to Know Us. English Choose a language for shopping. Not Enabled Word Wise: Not Enabled Screen Reader: Enabled Amazon Best Sellers Rank: Lehman's bankruptcy reverberated through global markets as its complex positions were unwound and investors worried which financial institutions could be next to fall. Bernanke said he realised over Lehman's final days that a collapse of the firm was going to be "catastrophic" but insisted it was a myth that the authorities could have averted bankruptcy, arguing that at the time, prior to bailout legislation, the Fed was not allowed to lend taxpayers' money without a reasonable expectation of repayment.
Lehman Brothers: financially and morally bankrupt
When Lehman suffered a bank run, Bernanke said regulators were virtually powerless. A bipartisan panel holding hearings in Washington, the FCIC was created by the Obama administration and is due to report to Congress in December on the causes of the worst financial crisis since the Great Depression of the s. It is chaired by a former Democratic treasurer of the state of California, Phil Angelides, but includes several former economic advisers to the Bush administration.
This week's testimony on "too big to fail" banks has elicited starkly opposing versions of Lehman's demise. Yesterday Lehman's former chief executive insisted that the bank had merely suffered a short-term liquidity crisis, rather than an underlying capital deficit, and that it was undermined by unjustified market rumours following the demise of its smaller rival Bear Stearns. Fuld told the commission that Lehman could have been saved if the Fed had allowed it access to cheap short-term funds from its discount window.
Bernanke, however, made it clear that he viewed Lehman's demise as a result of more fundamental problems within the bank. The former Lehman Brothers chief executive Dick Fuld was in the hotseat today for a quizzing over the bank's spectacular collapse at a hearing of America's bipartisan Financial Crisis Inquiry Commission in Washington.