02 Sep.
Dick Fuld, the ex chief executive of Lehman Brothers argued at the Financial Crisis Inquiry Commission that his investment bank could and should have been saved.
Two years since the collapse of Lehman roiled markets, Fuld mounted his most robust defence yet, accusing regulators in the of pushing the bank into bankruptcy and failing to get a grip on the crisis early in 2008.
He blamed fellow banks, including JPMorgan Chase, for demanding billions of dollars in cash collateral against credit provided to Lehman in the run-up to its bankruptcy filing in September 2008. He said Morgan Stanley and Goldman Sachs would have failed without state support.
But the Fed hit back, saying it could not have provided funds to Lehman in the middle of a bank run when it did not expect to be repaid.
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