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


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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