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Lehman Brothers: A Crisis of Value

Oonagh McDonald

Published in print:
2015
Published Online:
May 2016
ISBN:
9781784993405
eISBN:
9781526103956
Item type:
book
Publisher:
Manchester University Press
DOI:
10.7228/manchester/9781784993405.001.0001
Subject:
Political Science, Political Economy

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 ... More


Asset Connectedness: Lehman and AIG

Hal S. Scott

in Connectedness and Contagion: Protecting the Financial System from Panics

Published in print:
2016
Published Online:
January 2017
ISBN:
9780262034371
eISBN:
9780262332156
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262034371.003.0004
Subject:
Economics and Finance, Economic History

This chapter examines the 2008 Lehman bankruptcy. On September 15, 2008, the Lehman group parent holding company, Lehman Brothers Holdings Inc. (LBHI), filed for bankruptcy protection, setting into ... More


The Destruction of Value

Oonagh McDonald

in Lehman Brothers: A Crisis of Value

Published in print:
2015
Published Online:
May 2016
ISBN:
9781784993405
eISBN:
9781526103956
Item type:
chapter
Publisher:
Manchester University Press
DOI:
10.7228/manchester/9781784993405.003.0006
Subject:
Political Science, Political Economy

After September 2008, many argued that Lehman’s chaotic bankruptcy filing destroyed billions in value. The main destruction of value, it is said, came from the bankruptcy filing of Lehman Holdings, ... More


From Hubris to Nemesis: January to September 2008

Oonagh McDonald

in Lehman Brothers: A Crisis of Value

Published in print:
2015
Published Online:
May 2016
ISBN:
9781784993405
eISBN:
9781526103956
Item type:
chapter
Publisher:
Manchester University Press
DOI:
10.7228/manchester/9781784993405.003.0002
Subject:
Political Science, Political Economy

2008 began well for Lehman with the announcement in January of their financial report for the year ending November 30, 2007, showing record revenues of nearly $60 bn and record earnings of $4bn. This ... More


The Largest Bankruptcy in American History

Oonagh McDonald

in Lehman Brothers: A Crisis of Value

Published in print:
2015
Published Online:
May 2016
ISBN:
9781784993405
eISBN:
9781526103956
Item type:
chapter
Publisher:
Manchester University Press
DOI:
10.7228/manchester/9781784993405.003.0005
Subject:
Political Science, Political Economy

If Lehman had had proper risk mitigation, appropriate risk management techniques, understood and applied consistently throughout the company, had measured, monitored and managed liquidity risk and ... More


Networks from Above

Michael R. Cohen

in Cotton Capitalists: American Jewish Entrepreneurship in the Reconstruction Era

Published in print:
2017
Published Online:
September 2018
ISBN:
9781479879700
eISBN:
9781479881017
Item type:
chapter
Publisher:
NYU Press
DOI:
10.18574/nyu/9781479879700.003.0005
Subject:
History, History of Religion

The fourth chapter analyzes the top tier of an ethnic network that brought credit from global financiers to the merchants and farmers of the Gulf South. Through the lens of Lehman Brothers, this ... More


Lehman’s Valuation of Its Assets

Oonagh McDonald

in Lehman Brothers: A Crisis of Value

Published in print:
2015
Published Online:
May 2016
ISBN:
9781784993405
eISBN:
9781526103956
Item type:
chapter
Publisher:
Manchester University Press
DOI:
10.7228/manchester/9781784993405.003.0007
Subject:
Political Science, Political Economy

The purpose of this chapter is to examine the whole issue of valuing Lehman’s assets. This is a more complex subject than it may first appear. The way in which Lehman valued its assets has to be set ... More


Measuring Value

Oonagh McDonald

in Lehman Brothers: A Crisis of Value

Published in print:
2015
Published Online:
May 2016
ISBN:
9781784993405
eISBN:
9781526103956
Item type:
chapter
Publisher:
Manchester University Press
DOI:
10.7228/manchester/9781784993405.003.0008
Subject:
Political Science, Political Economy

The purpose of this chapter is to set out the difficulties of valuing both complex financial instruments and real estate, and especially commercial real estate and development land. These are issues ... More


Monitoring Value

Oonagh McDonald

in Lehman Brothers: A Crisis of Value

Published in print:
2015
Published Online:
May 2016
ISBN:
9781784993405
eISBN:
9781526103956
Item type:
chapter
Publisher:
Manchester University Press
DOI:
10.7228/manchester/9781784993405.003.0009
Subject:
Political Science, Political Economy

The purpose of this chapter is to consider who should have been responsible for keeping an eye on the value of assets in which Lehman Brothers chose to invest heavily, and on its risk management ... More


Coping with the Crisis

Thomas H. Stanton

in Why Some Firms Thrive While Others Fail: Governance and Management Lessons from the Crisis

Published in print:
2012
Published Online:
September 2012
ISBN:
9780199915996
eISBN:
9780199950324
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199915996.003.0003
Subject:
Economics and Finance, Financial Economics

Chapter 3 looks at four firms that successfully withstood the crisis: JPMorgan Chase, Goldman Sachs, Wells Fargo, and Toronto Dominion Bank (TD Bank), including their preparation, responses to the ... More


Chasing a Chimera?

Oonagh McDonald

in Lehman Brothers: A Crisis of Value

Published in print:
2015
Published Online:
May 2016
ISBN:
9781784993405
eISBN:
9781526103956
Item type:
chapter
Publisher:
Manchester University Press
DOI:
10.7228/manchester/9781784993405.003.0010
Subject:
Political Science, Political Economy

Central bankers believed that market prices could be trusted and that bubbles either did not exist or could not be identified before they occurred, or even that they were beneficial for growth. ... More


Saving the Gods

Andrew Farlow

in Crash and Beyond: Causes and Consequences of the Global Financial Crisis

Published in print:
2013
Published Online:
April 2015
ISBN:
9780199578016
eISBN:
9780191808623
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199578016.003.0005
Subject:
Economics and Finance, Financial Economics

This chapter examines the bank rescue efforts put up by policymakers in the United States and around the world to address the financial crisis of 2008. It first considers the US Federal Reserve ... More


Meltdown

Kathleen C. Engel and Patricia A. McCoy

in The Subprime Virus: Reckless Credit, Regulatory Failure, and Next Steps

Published in print:
2011
Published Online:
April 2015
ISBN:
9780195388824
eISBN:
9780190258535
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780195388824.003.0005
Subject:
Business and Management, Political Economy

This chapter details events in 2008 as the subprime crisis unfolded. These include the placement of Fannie Mae and Freddie Mac into conservatorship; the collapse of Lehman Brothers, which sent ... More


The Power of Inaction: Bank Bailouts in Comparison

Cornelia Woll

Published in print:
2014
Published Online:
August 2016
ISBN:
9780801452352
eISBN:
9780801471155
Item type:
book
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9780801452352.001.0001
Subject:
Political Science, Political Economy

Bank bailouts in the aftermath of the collapse of Lehman Brothers and the onset of the Great Recession brought into sharp relief the power that the global financial sector holds over national ... More


Experience and Decision Making

D. Christopher Kayes

in Organizational Resilience: How Learning Sustains Organizations in Crisis, Disaster, and Breakdown

Published in print:
2015
Published Online:
April 2015
ISBN:
9780199791057
eISBN:
9780190245351
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199791057.003.0008
Subject:
Psychology, Social Psychology

As experts continue to analyze the largest bankruptcy in history, that of Lehman Brothers, many stand perplexed. How could an organization with the most advanced compensation systems, training, ... More


An Interview with Vincent Mai

Roger Berkowitz

in The Intellectual Origins of the Global Financial Crisis

Published in print:
2012
Published Online:
January 2013
ISBN:
9780823249602
eISBN:
9780823250752
Item type:
chapter
Publisher:
Fordham University Press
DOI:
10.5422/fordham/9780823249602.003.0007
Subject:
Philosophy, Political Philosophy

Vincent Mai, Chairman of AEA Investors, argues that there has been transformation in the values on Wall Street in the last generation, one that has eroded the moral responsibility of bankers to serve ... More


The United States as an ILLR during the Great Panic of 2008–2009

Daniel McDowell

in Brother, Can You Spare a Billion?: The United States, the IMF, and the International Lender of Last Resort

Published in print:
2017
Published Online:
December 2016
ISBN:
9780190605766
eISBN:
9780190609504
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190605766.003.0007
Subject:
Political Science, Political Economy, International Relations and Politics

In late 2008, the freezing of global credit markets on fears of exposure to subprime mortgages in the United States led to an acute shortage of dollars in international financial markets. With the ... More


Short Selling and Jewish Law

Aaron Levine

in Economic Morality and Jewish Law

Published in print:
2012
Published Online:
April 2015
ISBN:
9780199826865
eISBN:
9780190261368
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199826865.003.0008
Subject:
Economics and Finance, History of Economic Thought

This chapter examines the definition, nature, and procedure of the short selling principle from the standpoint of Jewish law. It discusses the following applications of short selling: naked short ... More


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