Clashing Testimony Over Lehman Bankruptcy

WASHINGTON—The Democratic chairman of a blue-ribbon panel examining the U.S. financial crisis said Wednesday that government officials made a "conscious policy decision" not to prevent Lehman Brothers Holdings' 2008 collapse, potentially accelerating the financial crisis.

But Republicans on the panel disputed aspects of that narrative, setting the stage for a difficult debate within the Financial Crisis Inquiry Commission as it begins to craft its report on the 2008 meltdown's causes.

Commission Chairman Phil Angelides, citing emails in which Bush administration officials worried about public reaction to a potential Lehman bailout, said emerging evidence shows government officials made "a conscious policy ...

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