Changes

The morning of Monday, September 15 witnessed scenes of Lehman employees removing files, items with the company logo, and other belongings from the world headquarters at 745 Seventh Avenue. The spectacle continued throughout the day and into the following day.

During hearings on the bankruptcy filing by Lehman Brothers and bailout of AIG before the House Committee on Oversight and Government Reform, former Lehman Brothers CEO Richard Fuld said a host of factors including a crisis of confidence and naked short selling attacks followed by false rumors contributed to both the collapse of Bear Stearns and Lehman Brothers. House committee Chairman Henry Waxman said the committee received thousands of pages of internal documents from Lehman and these documents portray a company in which there was “no accountability for failure".<ref NAME="eighteen" /> Documents obtained by the Oversight and Government Reform Committee undermine Mr. Fuld’s contention that Lehman was overwhelmed by forces outside its control. One internal Lehman analysis reveals that Lehman “saw warning signs” but “did not move early/fast enough” and lacked “discipline about capital allocation.” <ref>[http://www.speaker.gov/blog/?p=1537 “Oversight Hearing on Causes and Effects of the Lehman Brothers Bankruptcy”], The Gavel. 10-06-2008. Retrieved 09-10-2009. </ref>