Financial-crisis panel debates Lehman's collapse

Phil Angelides, chairman of the Financial Crisis Inquiry Commission, challenged the view of financial regulators that they did not have the authority to rescue Lehman Bros. in 2008. Angelides said officials made a "conscious policy decision" not to lend a hand to Lehman, agreeing with the view of former Lehman CEO Richard Fuld. Members of the panel debated events that led up to the demise of Lehman, which might make drafting a report on causes of the crisis more difficult.

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