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Lehman Brothers headquarters in New York City, one year prior to bankruptcy. The bankruptcy of Lehman Brothers, also known as the Crash of '08 and the Lehman Shock, on September 15, 2008, was the climax of the subprime mortgage crisis.
Lehman Brothers Inc. (/ ˈ l iː m ən / LEE-mən) was an American global financial services firm founded in 1850. [2] Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Goldman Sachs, Morgan Stanley, and Merrill Lynch), with about 25,000 employees worldwide.
According to bankruptcy examiner Anton Valukas, the seeds of Lehman's Sept. 15, 2008, bankruptcy were sown in 2006, aggressively fertilized throughout 2007 and 2008's first two quarters, and ...
A continuous buildup of toxic assets in the form of subprime mortgages purchased by Lehman Brothers ultimately led to the firm's bankruptcy in September 2008. The collapse of Lehman Brothers is often cited as both the culmination of the subprime mortgage crisis, and the catalyst for the Great Recession in the United States.
Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke told lawmakers on Tuesday that the bankrupcty of Lehman Brothers serves as perhaps the best example of the need for ...
While elements of the crisis first became more visible during 2007, several major financial institutions collapsed in late 2008, with significant disruption in the flow of credit to businesses and consumers and the onset of a severe global recession. Most notably, Lehman Brothers, a major mortgage lender, declared bankruptcy in September 2008.
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Investment bank Lehman Brothers is in trouble after a turbulent six months in which their real estate investments have lost billions of dollars, causing steep drops in Lehman's stock. Lehman's boss, Dick Fuld (Corey Johnson), who brought the firm through other crises, is himself growing desperate. Fuld's plan to spin off the company's bad ...