Stern Call to Prevent Major Bankruptcies


The nation's top three finance officers lobbied before the House Financial Services Committee for more stringent regulatory measures over financial markets to prevent any more major bankruptcies like Lehman Brothers. Treasury Secretary Tim Geithner, Federal Reserve chairman Ben Bernanke and Securities and Exchange Commission (SEC) chairwoman Mary Schapiro who have come under sharp criticism lately for their institutions? failure to prevent Lehman from going bankrupt, appealed for an overhaul of the financial systems.

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