Lehman chief blames "financial tsunami" for firm's collapse

10/7/2008 | Financial Times (free content)

Richard Fuld, CEO of bankrupt Lehman Brothers, told a congressional oversight committee that he did everything he could to save the company but was overwhelmed by a "financial tsunami much bigger than any one firm or industry." He told legislators that he accepts full responsibility for his actions but said that "no one realized" the enormity of the problems facing Wall Street. Even as Lehman slid toward collapse, Fuld said, he kept federal regulators informed of what was happening behind closed doors.

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