Lehman Brothers Files for Record-Breaking Bankruptcy
The once-mighty investment bank Lehman Brothers, a 158-year-old Wall Street stalwart, shocked the financial world by filing for Chapter 11 bankruptcy, leaving a trail of unprecedented financial chaos in its wake. Richard Fuld, Lehman's CEO, had desperately sought a buyer or a bailout, but it was too little, too late. The firm's $639 billion in assets, $619 billion in debt, and 25,000 employees hung in the balance as the company's value vaporized. Markets plummeted, credit froze, and the global economy teetered on the brink of collapse.