Lehman Brothers

LehmanLehman Brothers Kuhn LoebLehman Brothers Holdings Inc.Lehman Brothers, Kuhn, Loeb Inc.Lehman Brothers HoldingsLehman Brothers Holdings IncLehman BrosShearson Lehman HuttonLehman Bros.Lehman Brothers Holdings, Inc.
Lehman Brothers Holdings Inc. was a global financial services firm.wikipedia
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Bankruptcy of Lehman Brothers

Lehman Brothers bankruptcyLehman Brothersbankruptcy
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. Lehman's bankruptcy filing is the largest in US history, and is thought to have played a major role in the unfolding of the financial crisis of 2007–2008.
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 crisis of 2007–08

financial crisis of 2007–2008global financial crisis2008 financial crisis
Lehman's bankruptcy filing is the largest in US history, and is thought to have played a major role in the unfolding of the financial crisis of 2007–2008.
It began in 2007 with a crisis in the subprime mortgage market in the United States, and developed into a full-blown international banking crisis with the collapse of the investment bank Lehman Brothers on September 15, 2008.

Mayer Lehman

MayerMeyer Lehman
With the arrival of their youngest brother, Mayer Lehman, in 1850, the firm changed its name again and "Lehman Brothers" was founded.
He was one of the three founding brothers of the investment bank Lehman Brothers.

Henry Lehman

Henry
In 1844, 23-year-old Henry Lehman, the son of a Jewish cattle merchant, emigrated to the United States from Rimpar, Bavaria.
Henry Lehman (born Hayum Lehmann; September 29, 1822 – November 17, 1855) was a German-born American businessman and the founder of Lehman Brothers financial services, which declared bankruptcy in 2008.

Goldman Sachs

Goldman Sachs InternationalGoldman, Sachs & Co.Goldman Sachs Group
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. Under Peterson's leadership as chairman and CEO, the firm acquired Abraham & Co. in 1975, and two years later merged with the venerable, but struggling, Kuhn, Loeb & Co., to form Lehman Brothers, Kuhn, Loeb Inc., the country's fourth-largest investment bank, behind Salomon Brothers, Goldman Sachs and First Boston. In that year, under Emanuel's son Philip Lehman, the firm partnered with Goldman, Sachs & Co., to bring the General Cigar Co. to market, followed closely by Sears, Roebuck and Company.
In January 2000, Goldman, along with Lehman Brothers, was the lead manager for the first internet bond offering for the World Bank.

Robert Lehman

RobertRobert "Bobbie" Lehman
Following Philip Lehman's retirement in 1925, his son Robert "Bobbie" Lehman took over as head of the firm.
Robert Owen Lehman, Sr. (September 29, 1891 – August 9, 1969) was an American banker, head of Lehman Brothers for decades, and a notable race-horse owner, art collector, and philanthropist.

Emanuel Lehman

Emanuel
In 1847, following the arrival of his brother Emanuel Lehman, the firm became "H. Lehman and Bro."
The younger brother of Henry Lehman, he was a co-founder of Lehman Brothers.

Morgan Stanley

Morgan Stanley Dean WitterMorgan Stanley Private EquityMorgan Stanley & Co.
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.
The Federal Reserve's approval of their bid to become banks ended the ascendancy of securities firms, 75 years after Congress separated them from deposit-taking lenders, and capped weeks of chaos that sent Lehman Brothers Holdings Inc. into bankruptcy and led to the rushed sale of Merrill Lynch & Co. to Bank of America Corp.

Subprime mortgage crisis

2007 subprime mortgage financial crisissubprime crisissub-prime mortgage crisis
On September 15, 2008, the firm filed for Chapter 11 bankruptcy protection following the exodus of most of its clients, drastic losses in its stock, and devaluation of assets by credit rating agencies, largely sparked by a loss of confidence, Lehman's involvement in the subprime mortgage crisis, and its exposure to less liquid assets.
During 2008, three of the largest U.S. investment banks either went bankrupt (Lehman Brothers) or were sold at fire sale prices to other banks (Bear Stearns and Merrill Lynch).

Lewis Glucksman

Glucksman Ireland House
By the early 1980s, hostilities between the firm's investment bankers and traders (who were driving most of the firm's profits) prompted Peterson to promote Lewis Glucksman, the firm's President, COO and former trader, to be his co-CEO in May 1983.
Glucksman''' (December 22, 1925 — July 5, 2006) was a former Lehman Brothers trader and former chief executive officer and chairman of Lehman Brothers, Kuhn, Loeb Inc.

Stephen A. Schwarzman

Stephen SchwarzmanSteve Schwarzman Stephen Schwarzman
Stephen A. Schwarzman, chairman of the firm's M&A committee, recalled in a February 2003 interview with Private Equity International that "Lehman Brothers had an extremely competitive internal environment, which ultimately became dysfunctional."
He is the chairman and CEO of The Blackstone Group, a global private equity firm he established in 1985 with former chairman and CEO of Lehman Brothers and US Secretary of Commerce Pete Peterson.

1 William Street

J. & W. Seligman & Co. BuildingJ. & W. Seligman & Company Building (Lehman Brothers Building; Banca Commerciale Italiana Building)One William Street
By 1928, the firm moved to its now famous One William Street location.
The building was later the headquarters of investment bank Lehman Brothers from 1929 to 1980, and was subsequently bought by Banca Commerciale Italiana.

Kuhn, Loeb & Co.

Kuhn LoebKuhn, LoebKuhn, Loeb and Co.
Under Peterson's leadership as chairman and CEO, the firm acquired Abraham & Co. in 1975, and two years later merged with the venerable, but struggling, Kuhn, Loeb & Co., to form Lehman Brothers, Kuhn, Loeb Inc., the country's fourth-largest investment bank, behind Salomon Brothers, Goldman Sachs and First Boston.
The firm lost its independence from the Bulge Bracket in 1977 when it merged with Lehman Brothers, creating Lehman Brothers, Kuhn, Loeb Inc. The combined firm was itself acquired in 1984 by American Express, forming Shearson Lehman/American Express and with that, the Kuhn, Loeb name was retired.

Studebaker

Studebaker CorporationStudebaker Corp.Studebaker Brothers Manufacturing Company
Among these were F.W. Woolworth Company, May Department Stores Company, Gimbel Brothers, Inc., R.H. Macy & Company, The Studebaker Corporation, the B.F. Goodrich Co. and Endicott Johnson Corporation.
The financing was handled by Lehman Brothers and Goldman Sachs who provided board representatives including Henry Goldman whose contribution was especially esteemed.

Merrill Lynch

Merrill Lynch & CompanyMerrill Lynch, Pierce, Fenner & SmithMerrill Lynch & Co.
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.
During the week of September 8, 2008, Lehman Brothers came under severe liquidity pressures, with its survival in question.

Chapter 11, Title 11, United States Code

Chapter 11Chapter 11 bankruptcyChapter 11 bankruptcy protection
On September 15, 2008, the firm filed for Chapter 11 bankruptcy protection following the exodus of most of its clients, drastic losses in its stock, and devaluation of assets by credit rating agencies, largely sparked by a loss of confidence, Lehman's involvement in the subprime mortgage crisis, and its exposure to less liquid assets.
The largest bankruptcy in history was of the US investment bank Lehman Brothers Holdings Inc., which listed $639 billion in assets as of its Chapter 11 filing in 2008.

American Express

American Express CompanyAmerican Express BankAmex
Shearson/American Express, an American Express-owned securities company focused on brokerage rather than investment banking, acquired Lehman in 1984, for $360 million.
In 1984, American Express acquired the investment banking and trading firm Lehman Brothers Kuhn Loeb, and added it to the Shearson family, creating Shearson Lehman/American Express.

Philip Lehman

Philip
In that year, under Emanuel's son Philip Lehman, the firm partnered with Goldman, Sachs & Co., to bring the General Cigar Co. to market, followed closely by Sears, Roebuck and Company.
Emanuel was a co-founder of the now-defunct investment bank, Lehman Brothers.

Shearson

Shearson Lehman BrothersShearson Lehman HuttonShearson Lehman
Shearson/American Express, an American Express-owned securities company focused on brokerage rather than investment banking, acquired Lehman in 1984, for $360 million.
In 1981, Shearson was acquired by American Express and operated as a subsidiary of the financial services company before being merged with Lehman Brothers Kuhn Loeb in 1984 and E.F. Hutton & Co. in 1988.

Bart McDade

Herbert "Bart" H. McDade III
Gregory was demoted on June 12, 2008 and replaced as president and COO by Bart McDade, who had been serving as head of Equities, and McDade would see Lehman through bankruptcy.
Herbert "Bart" H. McDade III was the President and COO of Lehman Brothers at the time of its bankruptcy.

Coffee, Sugar and Cocoa Exchange

Coffee ExchangeNew York Coffee and Sugar ExchangeNew York Coffee Exchange
Lehman became a member of the Coffee Exchange as early as 1883 and finally the New York Stock Exchange in 1887.
Lehman Brothers became a member of the Coffee Exchange as early as 1883, five years before joining the New York Stock Exchange in 1887.

Worthington Corporation

Worthington Pump and Machinery CorporationWorthington pumpInternational Steam Pump Company
In 1899, it underwrote its first public offering, the preferred and common stock of the International Steam Pump Company.
Lehman Brothers were the bankers.

Hugh "Skip" McGee III

As a result, there was major management shakeup, in which Hugh "Skip" McGee III (head of investment banking) held a meeting with senior staff to strip Fuld and his lieutenants of their authority.
Hugh E. "Skip" McGee III (born 1959) is an American investment banker who was formerly a senior executive at Lehman Brothers and Barclays.

Cowen Inc.

Cowen GroupCowen and CompanyCowen & Co.
In 2001, the firm acquired the private-client services, or "PCS", business of Cowen & Co. and later, in 2003, aggressively re-entered the asset-management business, which it had exited in 1989.
In 2000, Cowen sold its private client services unit to Lehman Brothers, retaining its investment banking, research and sales and trading operations.

Timothy Geithner

Tim GeithnerTimothy F. GeithnerGeithner
On Saturday, September 13, 2008, Timothy F. Geithner, then the 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.
At the New York Fed, Geithner helped manage crises involving Bear Stearns, Lehman Brothers, and the American International Group; as Treasury Secretary, he oversaw allocation of $350 billion under the Troubled Asset Relief Program, enacted during the previous administration in response to the subprime mortgage crisis.