For those of who are not familiar with what happened on the weekend, Lehman Brothers, one of the oldest Wall Street investment banks, filed for Chapter 11 bankruptcy protection. Merrill Lynch the other investment giant on Wall Street agreed to be taken over by Bank of America. Also with Bear Stearns takeover by JP Morgan Chase earlier this year, most of Wall Street as we knew it for the last few decades is gone.
With the Sub Prime Crisis showing no sign of abatement, there is not clear sense as to what the next day is going to bring. Also some are comparing it to the Great Depression revisited. So for ordinary Joe's like me, wait and watch is the best approach right now. And while we are waiting and watching as things unfold, I thought may be we can take a look at the storied history of the Lehman Brothers.
Image source NY Times
No comments:
Post a Comment