Posts
On Monday, the largest bankruptcy filing in U.S. history was made by Lehman Brothers. It had over $600 billion in assets and 25,000 employees. (The largest previous filing was WorldCom, whose assets just prior to bankruptcy were just over $100 billion.) On Tuesday, the Federal Reserve made a bridge loan to A.I.G., the largest insurance company in the world to keep it from going under; AIG perhaps best known to most of the world as the shirt sponsor of Manchester United soccer club, has assets of over $1 trillion and over 100,000 employees worldwide.
On Friday morning, the economists at Lehman Brothers sent out their usual weekly roundup of the news, but it came this time with a short, italicized note, explaining that the report would be the final one to appear under the Lehman banner. That bit of understatement preceded some more: “This episode of financial crisis,” Lehman’s economists explained, “appears to be much deeper and more serious than we and most observers thought it likely to be. And it is by no means clear that it is over.”
Some Interesting reads as you walk through historic turmoil in financial markets and US economy in making... and wondering what the heck ? how or why all this is happening ? where would this lead us ?
What risky Real Estate deals busted Lehman ?
