Lehman Brothers Holdings Inc., the fourth-largest U.S. investment bank, succumbed to the subprime mortgage crisis it helped create in the biggest bankruptcy filing in history. The 158-year-old firm, which survived railroad bankruptcies of the 1800s, the Great Depression in the 1930s and the collapse of Long-Term Capital Management a decade ago, filed a Chapter 11 petition with U.S. Bankruptcy Court in Manhattan on Monday. The collapse of Lehman, which listed more than US$613-billion of debt, dwarves WorldCom Inc.’s insolvency in 2002 and Drexel Burnham Lambert’s failure in 1990.
Source:
Steve Carell: The Office – Money by Paul Lieberstein, 18.10.2007
bloomberg News, Yalman Onaran and Christopher Scinta, 15.09.2008
nytimes.com, Andrew Ross Sorkin, 14.09.2008