Shocker: Lehman Brothers Bailout Wasn’t Necessary Either
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 liberal left will no-doubt champion this greed as the sort of thing that caused the financial crisis, but it’s worth noting that these executives wouldn’t have been able to line their pockets if they weren’t sure that their company was going to be bailed out.
