Dick Fuld on the Fed's support of the investment banking industry

[The Fed's creation of a liquidity facility for primary dealers] from my perspective, takes the liquidity issue for the entire industry off the table.

~ Dick Fuld, Chairman, Lehman Brothers, e-mailed statement, March 17, 2008

(Reuters, March 28, 2008: Since Bear was forced to announce plans to sell itself to JPMorgan Chase & Co on March 16, the Federal Reserve has allowed investment banks to borrow directly from the central bank, in a move designed to shore up the financial system.)

Henry Waxman's grilling of Lehman's Richard Fuld

You made all this money by taking risks with other people's money. The system worked for you, but it didn't seem to work for the rest of the country and the taxpayers, who now have to pay $700 billion to bail out our economy.

~ Rep. Henry Waxman, D-Calif., chairman, House Oversight and Government Reform Committee, "Lehman sought millions for execs while seeking aid," AP, October 6, 2008