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.
Occurred on: September 15th, 2008