Lehman's Fuld Takes the Fall

Fuld took issue with the amount outlined by the committee -- putting it more on the mark of $350 million -- but acknowledged that it was still "a large number."

The committee held the hearing to glean information for potential reforms related to the economic crisis that has sent global financial markets into a tailspin. In addition to Lehman Brothers' bankruptcy, the federal government has bailed out Fannie, Freddie and the world's largest insurer, AIG (AIG Quote). The same day Lehman filed for bankruptcy, Merrill Lynch agreed to sell itself to Bank of America (BAC Quote).

Washington Mutual, the country's largest thrift, also was seized by federal regulators after a run on the bank and its assets sold to JPMorgan Chase (JPM Quote). And Citigroup (C Quote) agreed to buy troubled Wachovia (WB Quote) in a government-assisted deal, before being trumped by Wells Fargo (WFC Quote). The two sides are now battling it out in court.