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- Saturday marks exactly 10 years since the collapse of Lehman Brothers, the biggest bankruptcy in the history of the United States, and the defining event of the financial crisis.
- The days after Lehman’s collapse were a frantic scramble to prevent the collapse of the whole financial system.
- At the heart of that scramble was Henry “Hank” Paulson, the then-US Treasury Secretary.
- An extract from Paulson’s calendar two days after Lehman’s collapse so just how hectic things were.
- Paulson had 42 calls or meetings between 7.00 a.m. and 1.20 p.m. on September 17, 2008.
Exactly 10 years ago, Lehman Brothers collapsed into administration. It was the biggest bankruptcy in the history of the United States and the defining event of the financial crisis, which ravaged the global economy between 2007 and 2009.
Lehman’s bankruptcy sparked genuine fears in the US that the country’s entire financial system could collapse. It led to a crazy scramble by senior bankers and politicians to insulate the industry, and the wider economy, from the threat of contagion.See the rest of the story at Business Insider
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See Also:
- The 27 scariest moments of the financial crisis
- 10 years after the financial crisis, Wall Street pessimist Albert Edwards thinks we’re at risk of another major meltdown
- The ex-Barclays CEO once dubbed the ‘unacceptable face of banking’ thinks banks should be taking more risks today
SEE ALSO: The 27 scariest moments of the financial crisis
