Bankruptcy of Lehman Brothers

Lehman Brothers bankruptcyLehman Brothersbankruptcycollapse of Lehman Brotherscollapsedeclared bankruptcyLehman Brothers collapseLehman collapse2008 bankruptcybankruptcy of
The filing for Chapter 11 bankruptcy protection by Lehman Brothers on September 15, 2008 remains the largest bankruptcy filing in U.S. history, with Lehman holding over US$600 billion in assets.wikipedia
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Lehman Brothers

LehmanLehman Brothers Kuhn LoebLehman Brothers Holdings Inc.
The filing for Chapter 11 bankruptcy protection by Lehman Brothers on September 15, 2008 remains the largest bankruptcy filing in U.S. history, with Lehman holding over US$600 billion in assets.
Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Goldman Sachs, Morgan Stanley, and Merrill Lynch), doing business in investment banking, equity and fixed-income sales and trading (especially U.S. Treasury securities), research, investment management, private equity, and private banking.

Timothy Geithner

Tim GeithnerTimothy F. GeithnerGeithner
On September 12, 2008, Timothy F. Geithner, then president of the Federal Reserve Bank of New York, called a meeting on the future of Lehman, which included the possibility of an emergency liquidation of its assets.
On September 15, Lehman announced that it would file for bankruptcy, making it the largest investment bank failure since Drexel Burnham Lambert in 1990.

Harvey R. Miller

Harvey Miller
Lehman's attorney Harvey R. Miller of Weil, Gotshal & Manges, said "the purchase price for the real estate components of the deal would be $1.29 billion, including $960 million for Lehman's New York headquarters and $330 million for two New Jersey data centers. Further, Barclays will not acquire Lehman's Eagle Energy unit, but will have entities known as Lehman Brothers Canada Inc, Lehman Brothers Sudamerica, Lehman Brothers Uruguay and its Private Investment Management business for high-net-worth individuals. Finally, Lehman will retain $20 billion of securities assets in Lehman Brothers Inc that are not being transferred to Barclays. Barclays had a potential liability of $2.5 billion to be paid as severance, if it chooses not to retain some Lehman employees beyond the guaranteed 90 days.
Miller's crowning achievement was his representation of the estate in the bankruptcy of Lehman Brothers.

Neuberger Berman

On September 10, 2008, Lehman announced a loss of $3.9 billion and their intent to sell off a majority stake in their investment-management business, which included Neuberger Berman.
*Lehman Brothers bankruptcy

Richard S. Fuld Jr.

Richard FuldDick FuldRichard S. Fuld, Jr.
Richard Fuld, head of Lehman Brothers, faced questioning from the U.S. House of Representatives' Committee on Oversight and Government Reform.
Lehman Brothers filed for bankruptcy protection under Chapter 11 on September 15, 2008, and subsequently announced a sale of major operations to parties including Barclays Bank and Nomura Securities.

Weil, Gotshal & Manges

Weil Gotshal & MangesWeil, Gotshal & Manges LLPWeil Gotshal
Lehman's attorney Harvey R. Miller of Weil, Gotshal & Manges, said "the purchase price for the real estate components of the deal would be $1.29 billion, including $960 million for Lehman's New York headquarters and $330 million for two New Jersey data centers. Further, Barclays will not acquire Lehman's Eagle Energy unit, but will have entities known as Lehman Brothers Canada Inc, Lehman Brothers Sudamerica, Lehman Brothers Uruguay and its Private Investment Management business for high-net-worth individuals. Finally, Lehman will retain $20 billion of securities assets in Lehman Brothers Inc that are not being transferred to Barclays. Barclays had a potential liability of $2.5 billion to be paid as severance, if it chooses not to retain some Lehman employees beyond the guaranteed 90 days.

Hypothecation

rehypothecationhypothecatedhousing credits
In an attempt to meet their own credit needs, Lehman Brothers International routinely re-hypothecated the assets of their hedge funds clients that utilized their prime brokerage services.
Before the Lehman collapse, the International Monetary Fund (IMF) calculated that US banks were receiving over $4 trillion worth of funding by rehypothecation, much of it sourced from the UK where there are no statutory limits governing the reuse of a client's collateral.

The Last Days of Lehman Brothers

It was shown as part of the BBC's "Aftershock" season, a selection of programmes marking the first anniversary of the collapse of the American investment bank Lehman Brothers.

Free Money Day

The day is held annually on September 15, the anniversary of the Lehman Brothers' 2008 filing for bankruptcy.

A Colossal Failure of Common Sense

A Colossal Failure of Common Sense: The Inside Story of the Collapse of Lehman Brothers
A Colossal Failure of Common Sense: The Inside Story of the Collapse of Lehman Brothers is a 2009 non-fiction book written by Lawrence G. McDonald and Patrick Robinson which chronicles the events surrounding the bankruptcy of Lehman Brothers in the context of the financial crisis of 2007–2010 and the subprime mortgage crisis.

C (TV series)

CC – Control – The Money and Soul of PossibilityC - Control - The Money and Soul of Possibility
Nakamura was affected by the bankruptcy of Lehman Brothers—one of the key events of the financial crisis of 2007–08—and envisioned a story about economic battles.

Michael Ainslie

He was a director of Lehman Brothers from 1996 to its 2008 bankruptcy, and oversaw "the sale and disposition of the company's remaining assets" by 2010.

Margin Call

The Big Short (film)

The Big Shortfilm of the same nameThe Big Short'' (film)

Hudson Castle Group

Hudson Castle
On April 12, 2010, a story in The New York Times revealed that Lehman had used a small company, Hudson Castle, to move a number of transactions and assets off Lehman's books as a means of manipulating accounting numbers of Lehman's finances and risks.
*Bankruptcy of Lehman Brothers

Bankruptcy

bankruptbankruptcy protectionbankruptcies
The filing for Chapter 11 bankruptcy protection by Lehman Brothers on September 15, 2008 remains the largest bankruptcy filing in U.S. history, with Lehman holding over US$600 billion in assets.

Chapter 11, Title 11, United States Code

Chapter 11Chapter 11 bankruptcyChapter 11 bankruptcy protection
The filing for Chapter 11 bankruptcy protection by Lehman Brothers on September 15, 2008 remains the largest bankruptcy filing in U.S. history, with Lehman holding over US$600 billion in assets.

Financial services

Finance and Insurancefinancial servicefinancial sector
The bank and financial services firm had become so deeply involved in mortgage origination that it had effectively become a real estate hedge fund disguised as an investment bank.

Mortgage origination

originatesoriginating
The bank and financial services firm had become so deeply involved in mortgage origination that it had effectively become a real estate hedge fund disguised as an investment bank.

Real estate

real-estateluxury real estateland
The bank and financial services firm had become so deeply involved in mortgage origination that it had effectively become a real estate hedge fund disguised as an investment bank.

Hedge fund

hedge fundshedge fund managerhedge-fund
The bank and financial services firm had become so deeply involved in mortgage origination that it had effectively become a real estate hedge fund disguised as an investment bank.

Subprime mortgage crisis

2007 subprime mortgage financial crisissubprime crisissub-prime mortgage crisis
At the height of the subprime mortgage crisis, it was exceptionally vulnerable to any downturn in real estate values.

Recession

economic recessioneconomic downturndepression
At the height of the subprime mortgage crisis, it was exceptionally vulnerable to any downturn in real estate values.

Dow Jones Industrial Average

Dow JonesDJIADow
The bankruptcy triggered a one-day drop in the Dow Jones Industrial Average of 4.5%, the largest decline since the September 11, 2001 attacks.