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Lehman Brothers Files for Bankruptcy; Firm Chairman Later Appointed Examiner to Investigate

 

On this day in 2008, the fourth largest investment bank in the country filed for bankruptcy protection. The collapse of 158-year-old Lehman Brothers Holdings Inc., the largest bankruptcy filing in U.S. history, was one event that precipitated the late-2000s global financial crisis. At the time, it was the largest failure of an investment bank in 18 years. “Throughout the day, employees carrying tote bags, suitcases and boxes packed with contents of desks and offices streamed out of Lehman's Times Square-area headquarters,” wrote the Chicago Tribune.  In January 2009, the court appointed firm Chairman Tony Valukas as examiner, charged with investigating why Lehman had failed.  Later that year, Chicago Lawyer magazine named Tony “Person of the Year,” in part because of  his work on Lehman.  In 2010, Tony presented his 2,200-page report, coined the “Valukas Report” and applauded for its clarity and usefulness in determining what brought about Lehman’s demise.

TAGS: 2005-present, A Valukas, Bankruptcy, Examiner, Lehman, Video

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