Monday, October 06, 2008

Lehman sought millions for execs while seeking aid

Maybe the fact the Lehman Brothers donated more to Democrats than to Republicans had something to do with the fact that they were not included in the bailouts.;_ylt=AiT6kJdJn3433KOIsP2EtbGs0NUE

By JULIE HIRSCHFELD DAVIS, Associated Press Writer 42 minutes ago

The now-bankrupt investment bank Lehman Brothers arranged millions in bonuses for fired executives as it pleaded for a federal lifeline, lawmakers learned Monday, as Congress began investigating what went so wrong on Wall Street to prompt a $700 billion government bailout.

The first in a series of congressional hearings on the roots of the financial meltdown yielded few major revelations about Lehman's collapse, and none about why government officials, as they scrambled to avert economic catastrophe, declined to rescue the flagging company while injecting tens of billions of dollars into others.

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