Chairman Henry A. Waxman announced that the Oversight Committee will hold two days of hearings to examine the regulatory mistakes and financial excesses that led to the bankruptcy filing by Lehman Brothers and the government bailout of AIG.

“Lax oversight and reckless investments on Wall Street are causing massive disruption throughout our economy,” said Chairman Waxman. “Our hearings will examine what went wrong and who should be held to account.”

The Committee’s scheduled September 25 hearing with Lehman CEO Richard Fuld will be moved to October 6, 2008. It will be followed by a second hearing on October 7, at which former AIG CEOs Robert B. Willumstad, Martin J. Sullivan, and Maurice R. Greenberg will be invited to testify.

The following witnesses have been invited to testify:

• • DAY 1: Causes and Effects of the Lehman Brothers Bankruptcy
  • Dr. Luigi Zingales, Professor of Finance, University of Chicago
  • Dr. Robert F. Wescott, President, Keybridge Research LLC
  • Nell Minow, Chairman of the Board and Editor, The Corporate Library
  • Gregory W. Smith, General Counsel, Colorado Public Employees’ Retirement Association
  • Richard S. Fuld, Jr., Chairman and Chief Executive Officer, Lehman Brothers Holdings
  • DAY 2: Causes and Effects of the AIG Bailout
  • Eric R. Dinallo, Superintendent, New York State Insurance Department
  • Lynn E. Turner, former chief accountant, Securities and Exchange Commission
  • Robert B. Willumstad, former Chief Executive Officer, AIG
  • Martin J. Sullivan,former Chief Executive Officer, AIG
  • Maurice R. Greenberg, former Chief Executive Officer, AIG