Monday, September 15, 2008

Sad demise of the 150 year old Brothers...

From the Economist:

EVEN by the standards of the worst financial crisis for at least a generation, the events of Sunday September 14th and the day before were extraordinary. The weekend began with hopes that a deal could be struck, with or without government backing, to save Lehman Brothers, America’s fourth-largest investment bank. Early Monday morning Lehman filed for Chapter 11 bankruptcy protection. It has more than $613 billion of debt.

I think this photograph is heart wrenching.When whole financial systems are crashing based on investments in dubious assets, this small time trader finds his most valuable asset - the people who are his main customers, lose their lunch money! Sad, sad day! (The article here)

Push Cart Coffee Guy in front of Lehman Brothers HQ in NYC

2 comments:

Amrit Bharadwaj said...

Its even more painful when you are aboard a ship you know will sink. The water tight compartments have started to fill there is no way but to let water in and see if we can swim.

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