Posted by: Tsu-Han (Ina) Chang
Lehman Brothers filed for Chapter 11 bankruptcy protection in New York State on September 15, 2008. The case is considered to be the largest bankruptcy case seen in U.S. history since WorldCom Inc.’s bankruptcy in 2002. Prior to its bankruptcy, Lehman Brothers was an international financial services company that conducted business in investment banking, equity, trading, investment management, private equity and banking. It was the primary dealer in the U.S. Treasury Securities Market.
At the time of the filing, Lehman Brothers held close to $700 Billion in assets. However, in a press release made by the company to the public cited that the reason for the bankruptcy was due to the accumulating bank and bond debt totaling to $768 Billion, which was more than $100 Billion more than their total assets could cover at the time. Lehman Brothers was in talks at the time with both Bank of America and Barclay Plc prior to the filing hoping for a possible takeover of Lehman Brothers. Although, at the time the takeovers did not occur, Barclay has since acquired the majority of the business, with the rest of the company split among major financial institutions around the world; most famously Nomura Holdings, the leading Japanese brokerage firm. To this day analysts believe that the collapse at Lehman Brothers was the beginning to the financial crisis that plagues the U.S. today.
References:
http://www.bloomberg.com/apps/news?pid=20601087&refer=home&sid=awh5hRyXkvs4
http://en.wikipedia.org/wiki/Lehman_Brothers
http://en.wikipedia.org/wiki/Bankruptcy_of_Lehman_Brothers
At the time of the filing, Lehman Brothers held close to $700 Billion in assets. However, in a press release made by the company to the public cited that the reason for the bankruptcy was due to the accumulating bank and bond debt totaling to $768 Billion, which was more than $100 Billion more than their total assets could cover at the time. Lehman Brothers was in talks at the time with both Bank of America and Barclay Plc prior to the filing hoping for a possible takeover of Lehman Brothers. Although, at the time the takeovers did not occur, Barclay has since acquired the majority of the business, with the rest of the company split among major financial institutions around the world; most famously Nomura Holdings, the leading Japanese brokerage firm. To this day analysts believe that the collapse at Lehman Brothers was the beginning to the financial crisis that plagues the U.S. today.
References:
http://www.bloomberg.com/apps/news?pid=20601087&refer=home&sid=awh5hRyXkvs4
http://en.wikipedia.org/wiki/Lehman_Brothers
http://en.wikipedia.org/wiki/Bankruptcy_of_Lehman_Brothers
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