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ISBN: 9781784993405 9781526100580 1526100584 9781526103956 1526103958 Year: 2016 Publisher: Manchester Manchester University Press
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On September 12th 2008, Lehman Brothers was valued at 639 billion US dollars. On Monday 15th September, it was worth nothing. How could trillions of dollars seemingly melt into air? Lehman Brothers had a long and prestigious history, and certainly until the end of 2007 had appeared to be conducting a very successful business. Its collapse was the largest bankruptcy in American history and is widely regarded as a crucial event in triggering the turmoil in the markets that triggered the global financial crisis. In this book, Oonagh McDonald, the author of Fannie Mae and Freddie Mac, unravels the events of that fateful September weekend. Using extensive documentary evidence and interviews with former Lehman employees, she reveals the decisions that led to Lehman's collapse, looks at why the government refused a bail-out and whether the implications of this refusal were fully understood. In clear and accessible language she demonstrates both the short and long term effects of Lehman's collapse. This is a fascinating story, with very wide implications. In particular, it raises vital questions about virtual capital and artificial value. McDonald uses her study of the Lehman collapse to examine what is meant by economic value and how it should be identified and measured.
Global Financial Crisis, 2008-2009. --- Bank failures --- Investment banking --- Financial crises --- Banks and banking, Investment --- Investment banks --- Financial institutions --- Securities --- Failure of banks --- Business failures --- Global Economic Crisis, 2008-2009 --- Subprime Mortgage Crisis, 2008-2009 --- History --- History. --- Lehman Brothers (1993-2008) --- Lehman Brothers --- H. Lehman and Brother --- Lehman, Durr, and Company --- Lehman Brothers, Kuhn, Loeb --- Lehman Corporation --- Lehman Brothers Inc. --- Shearson Lehman Brothers --- Private finance --- Global Financial Crisis, 2008-2009 --- Investment & Speculation --- Finance --- Business & Economics
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ISBN: 9781108355742 9781108420969 9781108413077 1108420966 1108369081 1108355749 1108372864 Year: 2018 Publisher: Cambridge Cambridge University Press
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The bankruptcy of the investment bank Lehman Brothers was the pivotal event of the 2008 financial crisis and the Great Recession that followed. Ever since the bankruptcy, there has been heated debate about why the Federal Reserve did not rescue Lehman in the same way it rescued other financial institutions, such as Bear Stearns and AIG. The Fed's leaders from that time, especially former Chairman Ben Bernanke, have strongly asserted that they lacked the legal authority to save Lehman because it did not have adequate collateral for the loan it needed to survive. Based on a meticulous four-year study of the Lehman case, The Fed and Lehman Brothers debunks the official narrative of the crisis. It shows that in reality, the Fed could have rescued Lehman but officials chose not to because of political pressures and because they underestimated the damage that the bankruptcy would do to the economy. The compelling story of the Lehman collapse will interest anyone who cares about what caused the financial crisis, whether the leaders of the Federal Reserve have given accurate accounts of their actions, and how the Fed can prevent future financial disasters.
Bank failures --- Financial crises --- Global Financial Crisis, 2008-2009. --- Investment banking --- Law and legislation --- United States. --- Lehman Brothers. --- Private finance --- United States --- Global Financial Crisis, 2008-2009 --- Global Economic Crisis, 2008-2009 --- Subprime Mortgage Crisis, 2008-2009 --- Lehman Brothers (1993-2008) --- FRS --- Federal Reserve Board at Washington --- Federal Reserve Board (U.S.) --- Board of Governors of the Federal Reserve System (U.S.) --- Lehman Brothers Inc. --- Shearson Lehman Brothers --- Global Financial Crisis (2008-2009) --- H. Lehman and Brother --- Lehman, Durr, and Company --- Lehman Brothers, Kuhn, Loeb --- Lehman Corporation --- United States of America
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