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ASSEMBLY HEARING TO EXAMINE PROPOSED BUDGET CUTS, ASSESS IMPACT OF GLOBAL FINANCIAL CRISIS ON STATE'S ECONOMY

Article from: US Fed News Service, Including US State News Article date: November 13, 2008

The New York State Assembly issued the following press release:

Date:Thursday, November 13 Friday, November 14

Time:10:00 a.m.

Location:Roosevelt Hearing Room C Legislative Office Building, 2nd Floor, Albany, New York

Assembly Ways and Means Committee Chair Herman D. Farrell, Jr. will convene the second in a series of hearings in Albany today to review the impact of the global economic crisis on the state budget. The two-day hearing will also examine Governor David Paterson's proposed budget modifications.

Last week, the Assembly issued a midyear report on economic forecast and revenues for ...

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Congress Gets Ugly Portrait of Lehman's Last Days

Posted Oct 6, 08 2:04 PM CDT in Politics,  Business 

Congress Gets Ugly Portrait of Lehman's Last Days
Source: AP Photo

(Newser) – Lehman Brothers’ departing executives were negotiating millions in bonuses while the bank begged for taxpayer money to avoid bankruptcy, a House committee finds after reviewing documents. At a hearing today on Capitol Hill—the first on the financial crisis—the investment firm was painted as one run by irresponsible leaders who poured money into risky projects even though internal documents predicted a liquidity crunch, the New York Times reports.

The company admitted that it “lacked discipline” and reacted slowly in an internal analysis, said one lawmaker, adding, “There was no accountability for failure.” Lehman CEO Richard Fuld faced heated questioning on statements that contradicted the crippling economic reality. He admitted he was wrong, in hindsight, but testified that “this financial tsunami is much bigger than any one firm.”

Source: New York Times

More about:  Financial Crisis • House of Representatives • Lehman Brothers • Henry Waxman • Richard Fuld • Congressional hearings

MORE RELATED NEWSER STORIES

 Disgraced Lehman CEO Fired 

Face of the financial crisis 'terminated,' will stay on board of directors

New York Daily News New York Daily News Nov 6, 08 3:13 AM CST
(Newser) - Lehman Brothers boss Richard Fuld, who led the giant 158-year-old Wall Street brokerage firm into bankruptcy, has been abruptly terminated. The 62-year-old Fuld, who earned $484 million from Lehman over the last eight years, won't receive a bonus or severance payments, but will keep his salaried post on the board of directors when he leaves as CEO the end of the year, reports the New York Daily News .  More »

More about:  Financial Crisis • Lehman Brothers • Richard Fuld • termination

Sloppy Lehman Bankruptcy Killed Billions in Value

Speedy process leaves creditors hanging

Wall Street Journal Wall Street Journal Dec 29, 08 1:40 PM CST
(Newser) - Had Lehman Brothers been more careful in its bankruptcy filing, it could have held on to as much as $75 billion that was destroyed in the process, the firm’s head restructuring agents say. A better-planned filing would have allowed the sale of some assets outside of court proceedings and would have afforded Lehman more time in unwinding its derivatives portfolio, the Wall Street Journal reports. More »

More about:  Financial Crisis • Wall Street • Lehman Brothers • bankruptcy • bank failure • default • asset management • contracts

OPINION

 Hirst Is Art World's Lehman 

September mega-sale coincided with investment bank's collapse

Bloomberg Bloomberg Dec 22, 08 12:21 PM CST
(Newser) - With the collapse of Lehman Brothers having opened an “anxious new era” in financial circles and among consumers at large, the auction that brought artist Damien Hirst $166 million on Sept. 15—the very day Lehman went bust—clearly marks the division, Martin Gayford writes for Bloomberg. By year’s end, sales and auctions had plummeted and the crash had begun. More »

More about:  Financial Crisis • Lehman Brothers • art market • Sotheby's • crash • Damien Hirst


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