So It Begins: Lehman's Fuld Subpoenaed

CNBC has just confirmed a report from this morning’s New York Post:

Prosecutors have subpoenaed a dozen Lehman Brothers executives, including CEO Dick Fuld, in connection with three grand jury probes into the bankruptcy of the storied Wall Street firm.

At a hearing yesterday, famed bankruptcy attorney Harvey Miller of Weil, Gotshal & Manges, who represents Lehman, said the US attorney’s offices in the Eastern and Southern districts of New York, and in the district of New Jersey, are leading the grand jury investigations.

Twelve people have been subpoenaed so far. Although Miller did not identify the nature of the investigation, sources say the focus is on whether Lehman executives made false comments about the health of the firm prior to its collapse.

Worth noting, of course, is that this is just a subpoena at this point.

Aside: On air, CNBC’s Charlie Gasparino managed to segue the discussion into his feud with econo-blogger Felix Salmon. His memo to Felix: There was a car accident today outside of 30 Rock, and he wants you to know he’s not to blame.

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