The Lehman Brothers Hearing

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The Lehman Brothers Hearing

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Story Created: Oct 6, 2008 at 3:39 PM CST

Story Updated: Oct 6, 2008 at 7:05 PM CST

The house committe on oversight and reform has begun a two day hearing on what led to the financial crisis on Wall Street.

Today, the committee is examining the causes and effects of Lehman Brothers' bankruptcy. In his opening statement, Committee Chariman Henry Waxman said the government's bailout of financial institutions is not a cure all for the economy.

Rep. Henry waxman said, "The $700 billion dollar rescue plan is a life support measure. It may keep our economy from collapsing, but it won't make it healthy again."

Tomorrow the committee will examine the government bailout of insurance giant AIG.

Tuesday, Oct 7 at 1:45 AM PacificGatePost wrote ...

A NEEDED FIX IN THE BOARD ROOMS In't it time the system went in for some much needed repair? Due diligence and oversight long ago slid out the window. No one was watching. Time to do something about it. Here's a huge one they all missed.... The dramatic change that swept through all of North America's boardrooms over the past 30 years. It is one of the underlying causes of the headache the economy is now feeling, but more importantly, it has resulted in the general feeling of "disconnect" by

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