Lehman Brothers and the Financial Crisis of 2007–2008

VikingLifeBlog

Lehman Brothers Holdings Inc. (/ˈliːmən/) was a global financial services firm founded in 1847. Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Goldman SachsMorgan Stanley, and Merrill), with about 25,000 employees worldwide. It was doing business in investment banking, equity and fixed-income sales and trading (especially U.S. Treasury securities), research, investment managementprivate equity, and private banking. Lehman was operational for 158 years from its founding in 1850 until 2008.

On September 15, 2008, the firm filed for Chapter 11 bankruptcy protection following the exodus of most of its clients, drastic losses in its stock, and devaluation of assets by credit rating agencies, largely sparked by a loss of confidence, Lehman’s involvement in the subprime mortgage crisis, and its exposure to less liquid assets. Lehman’s bankruptcy filing is the largest in…

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