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    Lehman Brothers

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    Author(s)
    McDonald, Oonagh
    Language
    English
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    Abstract
    "On September 12th 2008, Lehman Brothers was valued at 639 billion US dollars. On Monday 15th September, it was worth nothing. How could trillions of dollars seemingly melt into air? Lehman Brothers had a long and prestigious history, and certainly until the end of 2007 had appeared to be conducting a very successful business. Its collapse was the largest bankruptcy in American history and is widely regarded as a crucial event in triggering the turmoil in the markets that triggered the global financial crisis. In this book, Oonagh McDonald, the author of Fannie Mae and Freddie Mac, unravels the events of that fateful September weekend. Using extensive documentary evidence and interviews with former Lehman employees, she reveals the decisions that led to Lehman's collapse, looks at why the government refused a bail-out and whether the implications of this refusal were fully understood. In clear and accessible language she demonstrates both the short and long term effects of Lehman's collapse. This is a fascinating story, with very wide implications. In particular, it raises vital questions about virtual capital and artificial value. McDonald uses her study of the Lehman collapse to examine what is meant by economic value and how it should be identified and measured."
    URI
    http://library.oapen.org/handle/20.500.12657/32161
    Keywords
    debt; economy; lehman brothers; bankruptcy; global financial crisis; banking; crash; capital
    DOI
    10.7765/9781526100580
    ISBN
    9781526100580
    OCN
    972059119
    Publisher
    Manchester University Press
    Publisher website
    https://manchesteruniversitypress.co.uk/
    Publication date and place
    2016
    Classification
    Economics
    Banking
    Pages
    288
    Rights
    https://creativecommons.org/licenses/by-nc/4.0/
    • Imported or submitted locally

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    License

    • If not noted otherwise all contents are available under Attribution 4.0 International (CC BY 4.0)

    Credits

    • logo EU
    • This project received funding from the European Union's Horizon 2020 research and innovation programme under grant agreement No 683680, 810640, 871069 and 964352.

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