Lehman Brothers, one of the most prestigious players on Wall Street, filed for bankruptcy protection this morning after a frenzied weekend of negotiations failed to find a way of saving the company. The collapse of Lehman – one of the biggest financial shocks in years - puts tens of thousands of jobs around the world at risk. It also sent shockwaves around the banking world, with commentators predicting that the damage could be felt across the industry and could help to push the UK into recession. The collapse of Lehman sent traders rushing into government treasury bonds – seen as a safe haven in troubled times. The dollar fell against both the euro and the yen.
it shakes Wall Street's corridors...
ReplyDeleteIts shocking that the former Lehman Brothers CEO Richard Fuld actually admitted and explained his involvement in the former investment banks demise. Fuld, who admitted to taking over $300 million in compensation while at the company stated that he was willing to take “full responsibility” for his actions at Lehman Brothers. Decisions he said were “prudent and appropriate” based on the information available to him.
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