Richard Fuld, ex- chief executive officer of Lehman Brothers Holdings Inc., said controllers relied on “flawed information” in denying his company aid that was extensive to competitor.
“Additional firms were hurt by their plunging stock prices,” Fuld, 64, said in equipped remarks submitted to the Financial Crisis Inquiry Commission for a trial in Washington today. “Lehman was the only firm that was mandate by government regulator to file for economic failure. The government was then compulsory to intervene to guard those other firms and the entire financial system.”
Lehman, the principal backer of mortgage-backed securities at the top of the U.S. real estate market, filed the largest insolvency in the country’s history in September 2008, with $639 billion in assets, roiling markets and exacerbating the credit crisis. The securities firm succumb to the subprime advance crisis it helped produce after surviving railroad failures of the 1800s and the Great Depression in the 1930s.
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