Abstract
On 15 September 2008 the nature of the crisis abruptly changed. Lehman Brothers failed. It was a leading stand-alone investment bank and one of the largest participants in equity and fixed income markets around the world. It had nearly $700 billion of liabilities to firms and individuals around the world. It was counterparty to practically every major financial institution. It had hundreds of thousands of trades due to settle in the United States, United Kingdom and other markets.
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© 2011 Thomas F. Huertas
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Huertas, T.F. (2011). Moving towards Meltdown. In: Crisis: Cause, Containment and Cure. Palgrave Macmillan, London. https://doi.org/10.1057/9780230321359_5
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DOI: https://doi.org/10.1057/9780230321359_5
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-0-230-29831-6
Online ISBN: 978-0-230-32135-9
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)