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Moving towards Meltdown

In: Crisis: Cause, Containment and Cure

Author

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  • Thomas F. Huertas

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.

Suggested Citation

  • Thomas F. Huertas, 2011. "Moving towards Meltdown," Palgrave Macmillan Books, in: Crisis: Cause, Containment and Cure, edition 2, chapter 4, pages 66-81, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-32135-9_5
    DOI: 10.1057/9780230321359_5
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