Charlie Gasparino: Government Looking Into J.P. Morgan's Role In Collapse Of Lehman

Fox Business Network (FBN) Senior Correspondent Charlie Gasparino is reporting that Phil Angelides and the Financial Crisis Inquiry Commission are looking into what role JP Morgan played in the collapse of Lehman Brothers. Highlights of the report can be found below, courtesy of Fox Business Network. On JP Morgan’s activities before Lehman’s collapse: “Right before Lehman Brothers went out of business, JP Morgan went to Lehman Brothers, also went to Merrill Lynch, and basically said give us something like $10 billion, and we want it now, and we want it in cash. When that happened, that’s when the run on Lehman Brothers and the run on Merrill began and both firms were essentially doomed.” On why this is being called into question: “Lehman executives have asked in recent weeks: was it necessary? JP Morgan will tell you, we represent clients who lent Lehman and Merrill money, and they want their money back. But this is the rub: did they need it just then; and did they need all of it? And the point that a lot of people at Lehman make, is they put us out of business because they want our business. They are both competitors and lenders.”