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Former Lehman CEO Gets Grilled By Congress

House panel questions Richard Fuld about how financial firm collapsed

Monday, October 06, 2008

Congreesmembers cited documents indicating Lehman steered millions of dollars to executives as the company was nearing bankruptcy.

One of two Republicans on the panel, Connecticut Congressman Chris Shays, says he shares Americans' disbelief about the size of some executive pay packages.

SHAYS: To those of us on the outside, it seems alittle screwed up, and it doesn't seem to us objective.

REPORTER: Fuld says he approved billions in compensation because he believed in early 2008 that Lehman's capital position was strong.

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