Lehman Bankruptcy: 10 Years of The Biggest Fallout in Wall Street History
The moment was happened in September 2008 when the 150-year-old investment bank Lehman Brothers collapsed, precipitating the worst global economic crisis since the 1930s.
After failing to find buyers for the troubled financial giant, that was weighed down by risky debt holdings made up of at sub-prime mortgages, U.S. authorities declined to offer a bailout and allowed the institution to fail.
Monday, September 15, 2008, at 1:45 a.m., Lehman Brothers filed for bankruptcy, taking the world by surprise leaving well over $600 billion in debt, as well as 25,000 employees in shock.
It was the biggest bankruptcy in American history. On Wall Street, the Dow Jones plunged 500 points, the largest drop since the attacks of September 11, 2001. Stunned traders streaming out of the building car...