Some Minnesotans still haven’t put away their grills — and one of them is U.S. Rep. Betty McCollum. She took advantage of her seat on the House Oversight and Government Reform Committee’s hearing Monday to grill Lehman Bros. CEO Richard Fuld on his actions in the days leading up to the firm’s collapse Sept. 15 in the United States’ largest bankruptcy (so far).

Monday’s hearing was the first opportunity for Congress to turn its wrath directly on a Wall Street figure after last week’s convulsive debate over a financial sector bailout bill. Today the committee was set to question three top brass from AIG but one, CEO Maurice “Hank” Greenberg, has … bailed out.

Watch a video clip of McCollum putting Fuld on the hot seat after the jump.  Here’s a video clip of McCollum’s turn grilling Lehman Bros. CEO Richard Fuld. It hits a glitch about halfway through that throws off the synch so if we find one we’ll replace it with a better version. (If you don’t mind wading through lots of other testimony to get to McCollum, there’s always C-SPAN’s video archive.)

For the past 30 years, net capital rules required broker dealers to maintain a debt-to-net capital ratio of 12-to-1. But in 2004, at the height of subprime lending and mortgage fraud, the SEC allowed theses firms to operate at a 30 and even 40 to 1 ratio, Big Picture notes. In other words, it was blind-eye deregulation–skirting rules in place for more than three decades–and cut-and-run greed that caused these three firms to implode in on themselves.

The two remaining investment banks, Goldman Sachs and Morgan Stanley, are also suffering hits from the flying debris caused by this week’s stock tumbles. Morgan Stanley shares sank 42 percent Wednesday, while Goldman Sachs’ plummeted 53 percent.