Bankruptcy of Lehman Brothers

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Lehman Brothers headquarters in New York City See also: Lehman Brothers Lehman Brothers filed for Chapter 11 bankruptcy protection on September 15, 2008. The bankruptcy of Lehman Brothers is the largest bankruptcy filing in U.S. history with Lehman holding over $600 billion in assets.[1]


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1 Background o 1.1 Exposure to the mortgage market o 1.2 Lehman's final months 2 Bankruptcy filing o 2.1 Breakup process 3 Impact of bankruptcy filing 4 Neuberger Berman 5 Controversies o 5.1 Controversy of executive pay during crisis o 5.2 Accounting manipulation 6 See also 7 References 8 External links

[edit] Background

Main article: Subprime mortgage crisis [edit] Exposure to the mortgage market Lehman borrowed significant amounts to fund its investing in the years leading to its bankruptcy in 2008. In the second fiscal quarter. government did not announce any plans to assist with any possible financial crisis that emerged at Lehman. One measure of this risk-taking was its leverage ratio.[11] . Lehman stock lost 73% of its value as the credit market continued to tighten. when Lehman's shares plunged 45% to $7. 2008.500 people. Lehman reported that it intended to release 6% of its work force.S. 1.[4] In August 2007.[6] On August 22.[2] While generating tremendous profits during the boom.200 positions in 23 locations. and took a $25-million after-tax charge and a $27-million reduction in goodwill. this vulnerable position meant that just a 3-4% decline in the value of its assets would entirely eliminate its book value or equity. Lehman's loss was apparently a result of having held on to large positions in subprime and other lower-rated mortgage tranches when securitizing the underlying mortgages. just ahead of its third-quarterreporting deadline in September. huge losses accrued in lower-rated mortgage-backed securities throughout 2008. 2008.[6] In August 2008.4% on September 9. Lehman reported losses of $2. which increased from approximately 24:1 in 2003 to 31:1 by 2007.[9] Investor confidence continued to erode as Lehman's stock lost roughly half its value and pushed the S&P 500 down 3.[10] The U. making it vulnerable to a downturn in that market. or made a conscious decision to hold them."[8] It culminated on September 9. a measure of the ratio of assets to owners equity. is unclear.[7] Most of those gains were quickly eroded as news emerged that Korea Development Bank was "facing difficulties pleasing regulators and attracting partners for the deal. The firm said that poor market conditions in the mortgage space "necessitated a substantial reduction in its resources and capacity in the subprime space".[3] Investment banks such as Lehman were not subject to the same regulations applied to depository banks to restrict their risktaking. The Dow Jones lost nearly 300 points the same day on investors' concerns about the security of the bank. after it was reported that the state-run South Korean firm had put talks on hold.8 billion and was forced to sell off $6 billion in assets. Lehman faced an unprecedented loss due to the continuing subprime mortgage crisis.[5] [edit] Lehman's final months In 2008.[6] In the first half of 2008 alone. a process known as leveraging or gearing. Whether Lehman did this because it was simply unable to sell the lower-rated bonds. 2008. In any event. Lehman closed its subprime lender. shares in Lehman closed up 5% (16% for the week) on reports that the state-controlled Korea Development Bank was considering buying Lehman. eliminating 1. A significant portion of this investing was in housing-related assets. BNC Mortgage.79.

3666 billion (£700 million) plan for Barclays to acquire the core business of Lehman Brothers (mainly Lehman's $960 . 2008.[13][14] On September 13. Bankruptcy Court. 2008.[18] [edit] Breakup process On September 22. Southern District of New York (Manhattan) on September 16 indicated that J. According to Bloomberg. Geithner. which included the possibility of an emergency liquidation of its assets. which includes Neuberger Berman. Morgan provided Lehman Brothers with a total of $138 billion in "Federal Reserve-backed advances.[16] It emerged subsequently that a deal had been vetoed by the Bank of England and the UK's Financial Services Authority.9 billion and their intent to sell off a majority stake in their investment-management business.[15] The New York Times reported on September 14.On September 10. 2008.[16] Bank of America's rumored involvement also appeared to end as federal regulators resisted its request for government involvement in Lehman's sale. a revised proposal to sell the brokerage part of Lehman Brothers holdings of the deal.[12][13] The stock slid 7% that day. Lehman announced a loss of $3.S.[17] Leaders of major Wall Street banks continued to meet late that day to prevent the bank's rapid failure.[16] [edit] Bankruptcy filing Lehman Brothers headquarters in New York City Lehman Brothers filed for Chapter 11 bankruptcy protection on September 15. reports filed with the U. that Barclays had ended its bid to purchase all or part of Lehman and a deal to rescue the bank from liquidation collapsed. then president of the Federal Reserve Bank of New York called a meeting on the future of Lehman. 2008. 2008. was put before the bankruptcy court.[15] Lehman reported that it had been in talks with Bank of America and Barclays for the company's possible sale.P. with a $1." The cash-advances by JPMorgan Chase were repaid by the Federal Reserve Bank of New York for $87 billion on September 15 and $51 billion on September 16. Timothy F.

Manhattan court bankruptcy Judge James Peck. Lehman will retain $20 billion of securities assets in Lehman Brothers Inc that are not being transferred to Barclays.million Midtown Manhattan office skyscraper). ruled: "I have to approve this transaction because it is the only available transaction. Lehman Brothers Uruguay and its Private Investment Management business for high net-worth individuals.02 billion but an appraisal from CB Richard Ellis this week valued it at $900 million. but will have entities known as Lehman Brothers Canada Inc."[citation needed] Further. Lehman Brothers Sudamerica.[21][22] On September 22. after a 7 hour hearing.[20] Barclays had a potential liability of $ 2. A few weeks later it was . the creditors committee counsel. Nomura Holdings. Inc. Barclays will not acquire Lehman's Eagle Energy unit.[23] The following day. It's hard for me to imagine a similar emergency. We did not support the transaction because there had not been enough time to properly review it. Hong Kong and Australia."[19] Barclays acquired the investment banking business of Lehman Brothers in September 2008 Luc Despins. Gotshal & Manges. This is the most momentous bankruptcy hearing I've ever sat through. announced it agreed to acquire Lehman Brothers' franchise in the Asia Pacific region including Japan. said "the purchase price for the real estate components of the deal would be $ 1. Nomura announced its intentions to acquire Lehman Brothers' investment banking and equities businesses in Europe and the Middle East. including $960 million for Lehman's New York headquarters and $ 330 million for two New Jersey data centers.29 billion."[citation needed] In the amended agreement. in effect the only true icon to fall in a tsunami that has befallen the credit markets.5 billion in trading liabilities. Lehman's attorney Harvey R. Lehman Brothers became a victim. if it chooses not to retain some Lehman employees beyond the guaranteed 90 days. 2008. It can never be deemed precedent for future cases. Lehman's original estimate valued its headquarters at $ 1. Barclays would absorb $ 47. said: "The reason we're not objecting is really based on the lack of a viable alternative. was approved.5 billion to be paid as severance. Miller of Weil. Finally.4 billion in securities and assume $ 45.

Apartment-building investors are also expected to feel pressure to sell as Lehman unloads its debt and equity pieces of the $22 billion purchase of Archstone. non-US subsidiaries of Lehman Brothers were responsible for over 50% of global revenue produced. both falling below $1 per share. Evergreen Investments said its parent Wachovia Corporation would "support" three Evergreen moneymarket funds to prevent their shares from falling. Lehman Brothers International routinely re-hypothecated[30] the assets of their hedge funds clients that utilized their prime brokerage services. The drop in the Primary Reserve Fund was the first time since 1994 that a money-market fund had dropped below the $1-per-share level.[25] [edit] Impact of bankruptcy filing The Dow Jones closed down just over 500 points (í4. Additional pressure to sell securities in commercial real estate is feared as Lehman gets closer to liquidating its assets. As a result the hedge funds are being forced to de-lever and sit on large cash balances inhibiting chances at further . you will try to get ahead" of the Lehman selloff. following losses on their holdings of Lehman assets. 2008. a money-market fund. In a statement The Bank of New York Mellon said its fund had isolated the Lehman assets in a separate structure. holding company filed for bankruptcy. 22 billion had been re-hypothecated. It said the assets accounted for 1. the third-largest United States Real Estate Investment Trust (REIT). In an attempt to meet their own credit needs.announced that conditions to the deal had been met.3 billion money-market fund as it faced "significant redemption pressure" on September 17. Lehman Brothers International held close to 40 billion dollars of clients assets when it filed for Chapter 11 Bankruptcy. adding "Every day that goes by there will be more pressure on pricing. Jeffrey Spector. Putnam Investments. at the time the largest drop by points in a single day since the days following the attacks on September 11."[27] Several money funds and institutional cash funds had significant exposure to Lehman with the institutional cash fund run by The Bank of New York Mellon and the Primary Reserve Fund.[28] This move to cover $494 million of Lehman assets in the funds also raised fears about Wachovia's ability to raise capital.[29] Close to 100 hedge funds used Lehman as their prime broker and relied largely on the firm for financing. Archstone's core business is the ownership and management of residential apartment buildings in major metropolitan areas of the United States. 13 October.0% plunge on September 29.[26] (This drop was subsequently exceeded by an even larger í7.S. called "breaking the buck".[24] In 2007. a unit of Canada's Great-West Lifeco. 2008. shut a $12. and the deal became legally effective on Monday. "there is no question that if you need to sell assets.3 billion in mortgage securities getting liquidated sparked a selloff in the commercial mortgage-backed securities (CMBS) market. Of this. 2008. positions held by those hedge funds at Lehman were frozen. 2001.4%) on September 15.) Lehman's bankruptcy is expected to cause some depreciation in the price of commercial real estate.13% of its fund.[31] As administrators took charge of the London business and the U. The prospect for Lehman's $4. a real-estate analyst at UBS said that in markets with apartment buildings that compete with Archstone.

While rumors suggested French power company Électricité de France would buy the company or increase its stake.8 billion yen in losses on bonds and loans linked to Lehman. Freddie said it had not received principal payments of $1.87. which will allow investors to partially recover some of their loss by the end of the year." adding "There is no concern that the latest events will threaten the stability of Japan's financial system. many banks accepted minibonds as collateral for loans and credit facilities.2 billion plus accrued interest. Constellation announced it was hiring Morgan Stanley and UBS to advise it on "strategic alternatives" suggesting a buyout. Mizuho Trust & Banking Co. which was totally unexpected. banks and insurers announced a combined 249 billion yen ($2. resulting in a 737 billion dollar decline in collateral outstanding in the securities lending market. Martin Bienenstock.[36] After Constellation Energy was reported to have exposure to Lehman. The Hong Kong government proposed a plan to buy back the investments at their current estimated value.7 billion of "guaranteed mini-bonds" ( ) from Lehman. Another HK$3 billion has been invested in similar like derivatives.8 billion in claims against Lehman partially based on an unsecured guarantee from Lehman and connected to trading losses with Lehman subsidiaries.4 billion) in potential losses tied to the collapse of Lehman. 2008.[35] Lehman was a counterparty to mortgage financier Freddie Mac in unsecured lending transactions that matured on September 15.[32] This in turn created further market dislocation and over all systemic risk.[40] In Hong Kong more than 43."[34] During bankruptcy proceedings a lawyer from The Royal Bank of Scotland Group said the company is facing between $1. as the stock plummeted as low as $13 per share. Farmer Mac said it may not be in compliance with its minimum capital requirements at the end of September. its stock went down 56% in the first day of trading having started at $67. Freddie also said it "does not know whether and to what extent it will sustain a loss relating to the transactions" and warned that "actual losses could materially exceed current estimates.700 individuals in the city have invested in HK$15. Constellation ultimately agreed to a buyout by MidAmerican Energy. The default of Lehman Brothers was a low probability event." Freddie was still in the process of evaluating its exposure to Lehman and its affiliates under other business relationships.[33] In Japan. part of Berkshire Hathaway (headed by billionaire Warren Buffett).[44] HK chief executive Donald Tsang . Indeed.growth.[37][38][39] The Federal Agricultural Mortgage Corporation or Farmer Mac said it would have to write off $48 million in Lehman debt it owned as a result of the bankruptcy. cut its profit forecast by more than half. including repurchasing obligations.[41][42][43] Many claim that banks and brokers mis-sold them as low-risk. bankers note that minibonds are indeed low-risk instruments since they were backed by Lehman Brothers.5 billion and $1. citing 11. The massive drop in stocks led to the New York Stock Exchange halting trade of Constellation. Freddie said it had further potential exposure to Lehman of about $400 million related to the servicing of single-family home loans. The next day. which until just months before its collapse was a venerable member of Wall Street with high credit and investment ratings. Conversely. The Bank of Japan Governor Masaaki Shirakawa said "Most lending to Lehman Brothers was made by major Japanese banks. and their possible losses seem to be within the levels that can be covered by their profits.

in the 1990s the firm began to diversify its competencies to include additional value and growth investing. it introduced one of the first no-load mutual funds in the United States. which will be priced using an agreed upon methodology based on its estimated current value. Today the firm has approximately $130 billion in assets under management. never again to fall behind. for approximately $2. Under intense pressure from the public. 2003.[dubious ± discuss] [edit] Neuberger Berman Neuberger Berman Inc. Politically the bankruptcy proved of influence on the 2008 United States Presidential Election. for the day after Barack Obama moved ahead of John McCain in the presidential gallup poll. through its subsidiaries. LLC. In addition.[45] This episode has deep repercussions on the banking industry. . chairman of the Hong Kong Association of Banks. agreed to buy back the bonds. Historically known for its value-investing style. In October 1999. with the creation of a nationally and several state-chartered trust companies.insisted the local banks respond swiftly to the government buy-back proposal as the Monetary Authority received more than 16. all political parties have come out in support of the investors. under the ticker symbol "NEU". shortly after the retired Mr. the firm became able to offer trust and fiduciary services. real-estate investment trusts and high-yield investments. the firm's growth mirrored that of the asset-management industry as a whole. the firm conducted an initial public offering of its shares and commenced trading on the New York Stock Exchange.. In the decades that followed. where misguided investor sentiments have become hostile to both wealth management products as well as the banking industry as a whole. In July 2003.[41][43][44] On October 17 He Guangbe. These discussions ultimately resulted in the firm's acquisition by Lehman on October 31. is an investment-advisory firm founded in 1939 by Roy R. and also began to manage the assets of pension plans and other institutions. Neuberger's 100th birthday.000 complaints. Neuberger and Robert Berman. further fanning distrust towards the banking industry. In 1950. the company announced that it was in merger discussions with Lehman Brothers Holdings Inc. primarily Neuberger Berman. the Guardian Fund. Neuberger Berman's New York City headquarters on Third Avenue. as well as new investment categories. such as international.63 billion in cash and securities. across the entire capitalization spectrum. to manage money for high-net-worth individuals.

"[47] Just before the collapse of Lehman Brothers. "Sorry team." Lehman Brothers Investment Management Director George Herbert Walker IV dismissed the proposal.. Henry Waxman (DCA) asked: "Your company is now bankrupt. the Bankruptcy Examiner.5 billion of assets would join Neuberger's $50 billion in high-net-worth client assets under management. He wrote. In addition. Its $2. 2008. Lehman Brothers executive pay was reported to have increased significantly before filing for bankruptcy. have been subpoenaed in a case relating to securities fraud. I have a very basic question for you. 2008. quoted Lehman officials regarding Neuberger Berman: "Neuberger Berman LLC and Lehman Brothers Asset Management will continue to conduct business as usual and will not be subject to the bankruptcy case of the parent company.[46] An article in The Wall Street Journal on September 15. I'm embarrassed and I apologize.[51] . but you get to keep $480 million (£276 million). Valukas.[citation needed] [edit] Accounting manipulation In March 2010. among other things. announcing that Lehman Brothers Holdings filed for Chapter 11 bankruptcy protection. The attorney general later Andrew Cuomo filed charges against the bank's auditors Ernst & Young in December 2010. executives at Neuberger Berman sent e-mail memos suggesting. A. going so far as to actually apologize to other members of the Lehman Brothers executive committee for the idea of bonus reduction having been suggested. our economy is in crisis. House of Representatives' Committee on Oversight and Government Reform. Schupf & Co. Lehman said..On November 20. Rep. head of Lehman Brothers. a money-management firm targeted at wealthy individuals. I am not sure what's in the water at Neuberger Berman. a massive accounting fraud" by approving the accounting treatment. 2006. CNBC reported that several Lehman executives. Lehman announced its Neuberger Berman subsidiary would acquire H. alleging that the firm "substantially assisted.. faced questioning from the U. fully paid securities of customers of Neuberger Berman are segregated from the assets of Lehman Brothers and aren't subject to the claims of Lehman Brothers Holdings' creditors. drew attention to the use of Repo 105 transactions to boost the bank's apparent financial position around the date of the year-end balance sheet. that the Lehman Brothers' top people forgo multi-million dollar bonuses to "send a strong message to both employees and investors that management is not shirking accountability for recent performance. the report of Anton R. is this fair?"[49] Fuld said that he had in fact taken about $300 million (£173 million) in pay and bonuses over the past eight years. and its portfolio management."[48] [edit] Controversies [edit] Controversy of executive pay during crisis Richard Fuld.[50] On October 17.[49] Despite Fuld's defense on his high pay. research and operating functions remain intact.S. including Richard Fuld.

Alabama. According to the story. Lehman had to contend with plenty of challenges over the years. Lehman was the fourth-largest U. Economics.S. Lehman's collapse was a seminal event that greatly intensified the 2008 crisis and contributed to the erosion of close to $10 trillion in market capitalization from global equity markets in October 2008.S. 2010. 2008. While the firm prospered over the following decades as the (Contact Author | Biography) Email Article Print Feedback Reprints Share Filed Under: Banking. a capital shortage when it was spun off by American Express in 1994. Lehman's demise also made it the largest victim. tracing its roots back to a small general store that was founded by German immigrant Henry Lehman in Montgomery. Henry Lehman and his brothers. the Great Depression of the 1930s. (For more information on the subprime meltdown.S. of the U. One Lehman executive described Hudson Castle as an "alter ego" of Lehman. Hudson's board was controlled by Lehman. Lehman Brothers filed for bankruptcy. founded Lehman Brothers. Case Study: The Collapse of Lehman Brothers by Investopedia Staff. two world wars. the biggest monthly decline on record at the time. as its assets far surpassed those of previous bankrupt giants such as WorldCom and Enron. to move a number of transactions and assets off Lehman's books as a means of manipulating accounting numbers of Lehman's finances and risks. Hudson Castle. subprime mortgageinduced financial crisis that swept through global financial markets in 2008. with 25. Lehman owned one quarter of Hudson. With $639 billion in assets and $619 billion in debt. most Hudson staff members were former Lehman employees. Lehman's bankruptcy filing was the largest in history. .000 employees worldwide. In 1850. Lehman survived them all ± the railroad bankruptcies of the 1800s. (Investopedia. a New York Times story revealed that Lehman had used a small company. Hedge Funds On September 15. in 1844. economy grew into an international powerhouse. Emanuel and Mayer. read Who Is To Blame For The Subprime Crisis?) The History of Lehman Brothers Lehman Brothers had humble origins.On April 12. investment bank at the time of its collapse.

housing market gained momentum.) Hurtling Toward Failure Lehman's high degree of leverage . Lehman underwrote more mortgage-backed securities than any other firm. economy. 2007.S.S. despite its ability to survive past disasters. the collapse of the U.18. as global equity markets reached new highs and prices for fixed-income assets staged a temporary rebound. with the U. (To learn more about previous financial disasters. 2008. a 10% increase from 2005. On March 17. housing market were already becoming apparent as defaults on subprime mortgages rose to a seven-year high. or four times its shareholders' equity. (Check out the answer to our frequently asked question What is a subprime mortgage? to learn more about these loans. Lehman continued to be a major player in the mortgage market.500 mortgage-related jobs and shut down its BNC unit. (Read more in Dissecting The Bear Stearns Hedge Fund Collapse. Lehman acquired five mortgage lenders. and its huge portfolio of mortgage securities made it increasingly vulnerable to deteriorating market conditions. bubble) well under way.) The Prime Culprit In 2003 and 2004. However. In the post-earnings conference call. the firm reported record revenues and profit for its fiscal first quarter. The Beginning of the End As the credit crisis erupted in August 2007 with the failure of two Bear Stearns hedge funds. be sure to check out our Crashes Special Feature. which in retrospect. which specialized in Alt-A loans (made to borrowers without full documentation).the ratio of total assets to shareholders equity . a faster rate of growth than other businesses in investment banking or asset management. Lehman's stock rebounded.and the Long Term Capital Management collapse and Russian debt default of 1998. including subprime lender BNC Mortgage and Aurora Loan Services.3 billion. the firm did not take the opportunity to trim its massive mortgage portfolio. Lehman's chief financial officer (CFO) said that the risks posed by rising home delinquencies were well contained and would have little impact on the firm's earnings. the firm reported net income of a record $4. a day after the stock had its biggest one-day drop in five years on concerns that rising defaults would affect Lehman's profitability. In the fourth quarter of 2007.S. In addition. The firm securitized $146 billion of mortgages in 2006. Even as the correction in the U. cracks in the U. housing boom (read. Lehman reported record profits every year from 2005 to 2007. by the first quarter of 2007. record revenues from Lehman's real estate businesses enabled revenues in the capital markets unit to surge 56% from 2004 to 2006. In 2007. During that month. He also said that he did not foresee problems in the subprime market spreading to the rest of the housing market or hurting the U. housing market ultimately brought Lehman Brothers to its knees. On March 14. as its headlong rush into the subprime mortgage market proved to be a disastrous step.2 billion on revenue of $19.) Lehman's Colossal Miscalculation In February 2007. In 2007.S.S. the stock reached a record $86. following the near-collapse of Bear . would turn out to be its last chance. it also closed offices of Alt-A lender Aurora in three states. the company eliminated 2. giving Lehman a market capitalization of close to $60 billion. However. Lehman's stock fell sharply. Lehman's acquisitions at first seemed prescient.was 31 in 2007. accumulating an $85-billion portfolio. However.

and reported that it had raised another $6 billion from investors. Lehman's management made unsuccessful overtures to a number of potential partners. The same day. and also announced a sweeping strategic restructuring of its businesses. The company's hedge fund clients began pulling out. government's decision to let Lehman fail. the stock resumed its decline as hedge fund managers began questioning the valuation of Lehman's mortgage portfolio. Its collapse also served as the catalyst for the purchase of Merrill Lynch by Bank of America in an emergency deal that was also announced on . The firm reported a loss of $3. The stock plunged 77% in the first week of September 2008. Moody's Investor Service announced that it was reviewing Lehman's credit ratings. Confidence in the company returned to some extent in April. Hopes that the Korea Development Bank would take a stake in Lehman were dashed on September 9.Lehman shares fell as much as 48% on concern it would be the next Wall Street firm to fail. while its short-term creditors cut credit lines. Barclays PLC and Bank of America. Lehman was quickly running out of time. Last-ditch efforts over the weekend of September 13 between Lehman.S. given the size of the company and its status as a major player in the U. Lehman's bankruptcy led to more than $46 billion of its market value being wiped out.6 billion.) Too Little. With only $1 billion left in cash by the end of that week. The news was a deathblow to Lehman. and internationally. as investors questioned CEO Richard Fuld's plan to keep the firm independent by selling part of its asset management unit and spinning off commercial real estate assets.Stearns . leading to a 45% plunge in the stock and a 66% spike in credit-default swaps on the company's debt. as the stateowned South Korean bank put talks on hold. These developments led to a 42% plunge in the stock on September 11. resulting in the stock plunging 93% from its previous close on September 12. its first loss since being spun off by American Express. these measures were perceived as being too little.8 billion. amid plummeting equity markets worldwide. The firm also said that it had boosted its liquidity pool to an estimated $45 billion. including a write-down of $5. Many questioned the U.S. reduced its exposure to residential and commercial mortgages by 20%. Lehman announced a second-quarter loss of $2. and also said that Lehman would have to sell a majority stake to a strategic partner in order to avoid a rating downgrade. Too Late However. aimed at facilitating a takeover of Lehman. (Read Hedge Fund Failures Illuminate Leverage Pitfalls to learn more about the double-edged sword of leverage. On September 10. and cut down leverage from a factor of 32 to about 25. were unsuccessful. after it raised $4 billion through an issue of preferred stock that was convertible into Lehman shares at a 32% premium to its price at the time. However. as compared to its tacit support for Bear Stearns (which was acquired by JPMorgan Chase) in March 2008.9 billion. On June 9. decreased gross assets by $147 billion. On Monday September 15. Over the summer. Lehman pre-announced dismal fiscal third-quarter results that underscored the fragility of its financial position.the second-largest underwriter of mortgage-backed securities . Conclusion Lehman's collapse roiled global financial markets for weeks. too late. Lehman declared bankruptcy.

(To learn more about the financial crisis.) .September 15. read The 2007-08 Financial Crisis In Review.

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