Lehman Bros files for bankruptcy

BBC
September 15, 2008

Wall Street bank Lehman Brothers has filed for chapter 11 bankruptcy protection after emergency talks to find a buyer failed.

Confidence in the 150-year-old investment bank – the fourth largest in the US – crumbled last week amid growing concerns that its large portfolio of mortgage-backed assets was worth far less than it was originally valued.

During the past year Lehman reported billion-dollar losses and saw its share price plummet more than 95%.

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