Monday, March 22, 2010
Lehman Brothers
One of the larger Banks on Wall Street, Lehman Brothers was on the verge of collapsing in September of 2008. Like all the other banks spiraling down they sent messages to Paulson and Bernanke asking for a personal bailout. Paulson however because of his own pride as well as his republican friends in congress pressuring him, he did not advise government intervention which ended up being a fatal decision for Lehman Brothers and a almost fatal decision for the market. Instead he advised Lehmans CEO to find a buyer to save this ailing company. However not one bank was up for the risk, Lehman asked for the same treatment Bear recieved but Paulson refused. Just like that Lehman Brothers was no more.
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Knowing a couple of people who worked for Lehman Brothers, I was happy to read this article because I believe that some people are still under the impression that it was the fault of lower level bankers that were to blame for the downfall of the company rather than the stock market crashing and the administrators. However my only suggestion is to maybe go into a little more depth about this particular company and its decisions because as it stand the post is fairly brief.
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