Judge Awards Schiele Drawing to Heirs of Merchant Killed by the Nazis
The drawing of Schiele’s wife was the focus of a trial at which three parties, all with Jewish roots, argued whether it had been looted by the Nazis and from whom.
By Colin Moynihan and Tom Mashberg
Who Owns a Drawing That May Be Nazi Loot? A Judge Will Decide.
A drawing Egon Schiele made of his wife is the focus of a dispute among a Lehman foundation and heirs of two Jewish art collectors.
By Colin Moynihan and Tom Mashberg
Nonfiction
What It Was Like to Be a Jewish Banker
In “The Money Kings,” Daniel Schulman tells the story of the Jewish immigrants who came to the United States and helped build America’s modern economic system.
By Jacob Goldstein
DealBook Newsletter
Why More Deals Are Likely After the Fall of Credit Suisse
Investors are still spooked after UBS bought its Swiss peer, with confidence in the banking sector in short supply.
By Andrew Ross Sorkin,Ravi Mattu,Bernhard Warner,Sarah Kessler,Michael J. de la Merced,Lauren Hirsch and Ephrat Livni
A Guide to the ‘Legal Fictions’ That Create Wealth, Inequality and Economic Crises
The legal scholar Katharina Pistor examines the hidden legal layer propping up our modern economic system.
By ‘The Ezra Klein Show’
Michael Thomas, Writer and Bête Noire of the Moneyed Class, Dies at 85
His early careers as an art historian and Wall Street financier informed his financial thrillers, which often savaged the rich and powerful.
By Katharine Q. Seelye
They Say Capitalism Is Over. Want to Buy a Piece?
A bustling market for souvenirs of Lehman Brothers, Enron, and other casualties of the system.
By Sophie Haigney
Calculator
What Can 9/11 and the Great Recession Tell Us About Coronavirus Recovery?
Examining the Manhattan housing market’s recovery from past economic traumas for clues about how long it may take this time.
By Michael Kolomatsky
This Is the Stimulus We Need Right Now. It’s Not $1,000 for Every American.
The administration and Congress must act — but wisely. The place to start is the overwhelmed health care system.
By Reed Hundt
What People Say About the Economy Can Set Off a Recession
Big economic changes come when popular narratives mutate and spread, infecting the decisions of millions of people, the economist Robert J. Shiller says.
By Robert J. Shiller
Acclaimed ‘Lehman Trilogy’ to Move to Broadway
The play, which has chronicled the Lehman Brothers’ rise and devastating collapse through several sold-out runs, will open at the Nederlander Theater in March.
By Nancy Coleman
How a Lone Norwegian Trader Shook the World’s Financial System
A futures bet gone spectacularly wrong provoked a daylong crisis at one of the clearinghouses that are supposed to be global safeguards.
By Jack Ewing and Milan Schreuer
Big City
‘The Lehman Trilogy’ Criticizes Capitalism, at $2,000 a Seat
A sold-out play casts the investment bank as the villain, but lets the plutocrat audience off easy.
By Ginia Bellafante
Lehman Brothers, a Family Saga, as Viewed by Some Who Lived It
“The Lehman Trilogy” is a theatrical panorama of the firm’s history and collapse. Lehman descendants and onetime employees have taken a keen interest.
By Patricia Cohen
Advertisem*nt
SKIP ADVERTIsem*nT
Keep the Federal Reserve I Love Alive
The economist N. Gregory Mankiw says he loves the central bank but fears for its future as one of America’s great institutions.
By N. Gregory Mankiw
You Never Know When a Recession Will Sneak Up on You
Trade wars, budget showdowns or anything else that scares people can spiral into a recession, the economist Austan Goolsbee says. It’s happened before.
By Austan Goolsbee
Another View
I Created ‘The Bernank’ on YouTube. And I Was Mostly Wrong.
Nearly eight years ago, I published a cartoon that was critical of the Federal Reserve’s response to the financial crisis. Here’s what I’ve learned since.
By Omid Malekan
Airbnb Wants Hosts to Be Shareholders: DealBook’s Closing Bell
The start-up asked the Securities and Exchange Commission to revise its rules on whom private companies can award equity to.
By Stephen Grocer
10 Years After the Financial Crisis
A look at how the economic collapse exposed profound problems underlying the American dream.
How the Next Downturn Will Surprise Us
In their campaign to contain the risks that caused the Great Recession, central bankers may have planted the seeds for the next global economic crisis.
By Ruchir Sharma
Lehman Failed for Good Reasons
Too many banks still lack the checks and balances that might have saved Lehman Brothers.
By Madelyn Antoncic
Ten Years Ago, Wall Street Collapsed. These Reporters Told the Story.
Journalists remember when Lehman Brothers filed for bankruptcy, which sent shock waves across the global financial system.
By Matt Giles
White Collar Watch
Companies Are Pushing for Less Disclosure. Is That Good for Investors?
Securities laws were built around the concept that more information is the best protection for shareholders. But companies are striking back at rules.
By Peter J. Henning
Small Investors Are Prey, Again, for the Wolves of Wall Street
Congress tried to protect ordinary Americans’ portfolios with the Dodd-Frank Act, but today they are more vulnerable than ever.
Ten years on, we remember the turmoil of the weekend that marked the inflection point of the 2008 financial crisis.
The Banks Changed. Except for All the Ways They’re the Same.
They are taking less risk and holding more capital. But the powerful industry is also making record profits and is still dominated by huge firms.
By Peter Eavis and Keith Collins
First, a Financial Crisis. Then a Geopolitical Crisis.
“We are still living with the consequences of 2008.”
By David Leonhardt
What We Need to Fight the Next Financial Crisis
Congress has taken away some of the tools that were crucial to us during the 2008 panic. It’s time to bring them back.
By Ben S. Bernanke,Timothy F. Geithner and Henry M. Paulson Jr.
Inviting the Next Financial Crisis
It is infuriating that officials have put the welfare of most Americans at risk to enrich the wealthiest few.
By The Editorial Board
Economic View
Learning the Right Lessons From the Financial Crisis
The causes of the 2008 crisis remain contentious. A new book says the Federal Reserve made a big mistake when it didn’t rescue Lehman Brothers.
By N. Gregory Mankiw
Advertisem*nt
SKIP ADVERTIsem*nT
A Dramatic Play About Finance? Yes, if It’s Lehman Brothers
“The Lehman Trilogy,” a story of American capitalism, is playing on a London stage. Two journalists — one British, one American — discuss.
By Holly Williams and David Segal
Zuckerberg Breaks His Silence: DealBook Briefing
Facebook’s chief executive posted a statement on his Facebook page, saying he was taking action to prevent people’s data from being misused.
Peter G. Peterson, a Power From Wall St. to Washington, Dies at 91
Captain of business, financier, philanthropist and public-policy watchdog, Mr. Peterson rose from humble Nebraska roots to be a force in American life.
By Robert D. Hershey Jr.
Breakingviews
Knowing Where to Look 10 Years After Start of Financial Crisis
When did the crisis start? There are a number of candidates. But understanding the failure to act takes an appraisal of the full arc of what happened.
By Rob Cox
In Debt
Lehman Bankruptcy Ruling Shows Risk of Deferred Compensation
By deferring compensation, employees are taking on the credit risk of their employer.
By Stephen J. Lubben
Op-Ed Contributor
The G.O.P. Plan to Unleash Wall Street
The Choice Act fulfills a wish list for the financial sector.
By Mike Konczal
News
Morning Agenda: Roger Ailes Is Out at Fox News; Rupert Murdoch Steps In
Goldman Sachs Raises a New Private Equity Fund | Continuing Debate Over the Financial Crisis
By Amie Tsang
Common Sense
Pointing a Finger at the Fed in the Lehman Disaster
A respected economist argues that the Federal Reserve could have saved the financial firm from its chaotic collapse eight years ago.
By James B. Stewart
News
Morning Agenda: Banking in the Time of ‘Brexit’
Airbnb Seeks Funding While Battling Lawmakers | The Need for a New Silicon Valley Pay System
By Amie Tsang
Aftershocks
Is ‘Brexit’ Europe’s Lehman Brothers Moment?
Britain’s vote and Lehman’s collapse both upended what people thought they knew about how the world worked.
By Neil Irwin
Advertisem*nt
SKIP ADVERTIsem*nT
After ‘Brexit’ Vote, Investors Are Gripped by a Panic Last Seen in 2008
Similarities to past economic crises have presented a grim question: How ugly might things get?
By Peter S. Goodman
Street Scene
In Memoir, Erin Callan Steps Back From Lehman Legacy
In the book, she describes the ruthless ambition that affected the people close to her and tries to make amends for her years of boorish behavior.
By William D. Cohan
Nomura to Shrink Its European and Americas Businesses
The Japanese financial firm said it planned to close several parts of its overseas operations, and the changes are expected to include job cuts.
By Chad Bray
Glenn Schiffman, Veteran Media Investment Banker, Joins IAC
Mr. Schiffman, a former co-head of media banking at Lehman Brothers, will be the Internet conglomerate’s chief financial officer.
By Michael J. de la Merced
News
Morning Agenda: Credit Suisse Chief Asks for a Smaller Bonus
Bridgewater Executives Deny Report of Rift | Argentina Reaches Deal with 2 Hedge Funds | Fining Bankers, Not Shareholders
By Amie Tsang
First Draft
Unprompted, John Kasich Makes Light of His Tenure at Lehman Brothers
Campaigning in New Hampshire, Gov. John Kasich of Ohio brought up his years at Lehman Brothers, and laughed off the attacks on his connection with the failed financial firm.
James Staley, Ex-JPMorgan Banker, Named C.E.O. of Barclays
He will replace Antony Jenkins, who was ousted this summer after directors lost confidence in his ability to improve returns at the British bank.
By Chad Bray
News
Morning Agenda: Activist Investors and Billion-Dollar Bets
Bernanke’s Frank Look at Lehman Brothers | Supreme Court Denies Insider Trading Hearing
By Amie Tsang
DealBook
In Ben Bernanke’s Memoir, a Candid Look at Lehman Brothers’ Collapse
The former Federal Reserve chairman says he may have purposely misled the public about one of the most crucial moments in recent financial history.
By Andrew Ross Sorkin
News
Morning Agenda: Avon in Talks to Sell a Stake
Justice Dept. Promise Hard to Keep | Dewey Case Prosecutor Appeals to Common Sense | Adviser on Chinese Reverse Mergers Charged
By Amie Tsang
Advertisem*nt
SKIP ADVERTIsem*nT
Justice Dept. Vow to Go After Bankers May Prove a Promise Hard to Keep
Recent investigations suggest that changes to Justice Department guidelines may not guarantee a Wall Street “perp walk.”
By Ben Protess and Matt Apuzzo
John Kasich Balances His Blue-Collar Roots and Ties to Wall Street
A chapter in Mr. Kasich’s life story conflicts with the narrative about his working-class past: the nearly eight years he spent as an investment banker with Lehman Brothers.
By Sheryl Gay Stolberg and Steve Eder
In Debt
Lehman Case Shows Blurred Lines on Repos
The case shows how hard it is for sophisticated parties to know precisely where their interests lie with regard to special treatment in bankruptcy.
By Stephen J. Lubben
News
Morning Agenda: Greece and Creditors at an Impasse Over Taxes
Greece and Creditors at an Impasse Over Taxes | Is Greece Like Lehman Brothers or RadioShack? | Ahold-Delhaize Merger Reflects Flat Growth in Grocery Market
By Dealbook
Euro Danger Zone
Is Greece Lehman Brothers, or Is It RadioShack?
A default no longer seems likely to trigger a banking collapse across Europe, but few are eager to test that premise.
By Neil Irwin
Stifel to Buy Barclays’ U.S. Wealth Management Unit
The deal gives Stifel Financial control of what once was Lehman Brothers’ wealth and investment management unit, adding to its growing operation.
By Michael J. de la Merced
Lehman to Pay Barclays $1.3 Billion to Settle Suit
The pact, if it wins court approval, would conclude about six years of fighting involving Barclays over the sale of Lehman Brothers.
By Michael J. de la Merced
News
Morning Agenda: Fuld Breaks His Silence
Fuld Breaks His Silence | Battle Behind the Scenes at S.E.C. | Broadcom Purchase Underscores Avago’s Ambitions | S. Parker Gilbert, Morgan Stanley Leader, Dies at 81
By Dealbook
Breaking Silence, Richard Fuld Speaks on Love, Putin and ‘Rocky’
In his first public appearance since 2008, Mr. Fuld mused about the economy, the Middle East, love and life, but danced around the downfall of his firm, Lehman Brothers.
By David Gelles
TimesVideo
Ex-Lehman Chief Returns to Spotlight
Richard S. Fuld Jr. gave his first public remarks since testifying to Congress in 2008 about Lehman’s collapse and discussed the “perfect storm” that led to the financial crisis.
CNBC
Advertisem*nt
SKIP ADVERTIsem*nT
Breakingviews
Why Lehman Brothers Lives On
Almost seven years after the Wall Street bank’s collapse, the reputations of financial markets, central banks and economic theorists remain tarnished.
By Edward Hadas
Breakingviews
Google’s Eric Schmidt Plays the Adult in D.E. Shaw Investment
The Google executive chairman makes a big bet that is far afield from the frivolity of, say, a sports team investment like Steve Ballmer’s.
By Richard Beales
Family Office of Google’s Eric Schmidt Buys Stake in Hedge Fund D.E. Shaw
The 20 percent stake of the $36 billion hedge fund is one of the last vestiges of the bankrupt Lehman Brothers.
By Alexandra Stevenson
The $10 million settlement resolves claims that Ernst helped Lehman engineer an accounting fraud in the months before its 2008 bankruptcy filing.
By Matthew Goldstein
DealBook
With ‘So Help Me God’ Ethics Oath, Dutch Banks Seek Redemption
The oath is aimed at restoring confidence in the global financial system after the recent crisis.
By Liz Alderman
DealBook
A Chief Delivers Neuberger Berman From the Shadow of Lehman
Lehman Brothers has cast a long shadow over Neuberger Berman, but the fund company hopes to come into its own soon after buying its independence.
By Landon Thomas Jr.
At Auctions, Russian Oligarchs Start to Hedge Their Bets
At recent sales in London, auction houses struggled to sell top Russian works of art. Some dealers said that the sluggish sales were a reflection of what's going on in Russia.
By Scott Reyburn
Solvency, Lost in the Fog at the Fed
The Federal Reserve is bound by tradition and law to make emergency loans only to solvent institutions. So why did its top officials save Bear Stearns and A.I.G., but not Lehman Brothers?
By James B. Stewart
DealBook
Morgan Stanley Adds Former C.I.A. Official to Its Board
The Wall Street firm has named Jami Miscik, the president and vice chairman of Kissinger Associates and a former deputy director for intelligence at the Central Intelligence Agency, as a director.
By William Alden
DealBook
Profit Falls 26% at Barclays, Weighed Down by Legal Costs
The British bank’s earnings were hurt by an $800 million charge for potential penalties related to possible manipulation of the currency markets.
By Chad Bray
Advertisem*nt
SKIP ADVERTIsem*nT
DealBook
Geithner Testifies That Government Had Right to Act to Avert A.I.G. Bankruptcy
“The world was so fragile and the consequences of A.I.G.’s failure were so great,” Mr. Geithner testified, that “I was very confident” the government had the authority to step in.
By Aaron M. Kessler
Letter
Lehman Brothers’ Demise: Barney Frank’s View
The former congressman says British regulators played a key role by opposing a possible purchase by Barclay’s.
Joe Nocera
Joe on WNYC’s Money Talking
Joe discusses the secret Goldman Sachs tapes and what went on at the Fed before Lehman Brothers collapsed.
By Lydia Dallett
In Hindsight
Six Years Later, We’re Still Litigating the Bailouts. Here’s What We Know.
America remains deeply conflicted about federal regulators’ crisis response.
By Neil Irwin
Revisiting the Lehman Brothers Bailout That Never Was
New accounts of events in 2008 as the New York Fed assessed the bank’s eligibility for rescue from bankruptcy have cast the firm’s collapse in a new light.
By James B. Stewart and Peter Eavis
DealBook
Post-Lehman, Money Market Fund Protections Still Weak
Money market funds played a central role in Lehman Brothers’ failure and helped spread the contagion. But, Jennifer Taub, of Vermont Law School, says, the problems remain unsolved.
By Jennifer Taub
High & Low Finance
Liquidity for Banks, This Time Defined
The rules the Federal Reserve approved this week are intended to ensure that banks have enough ready liquidity to survive a crisis of 30 days, which proved not to be the case in the 2008 crisis.
By Floyd Norris
Taking Note
Wall Street Escapes Blame, Again
The news last week brought two fresh reminders of the government’s failure to hold Wall Street accountable for the financial crisis.
By Teresa Tritch
Editorial
Holding Auditors Blameless
With each failure by auditors to sound warnings, it becomes increasingly clear that the investing public is being shortchanged.
By The Editorial Board
DealBook
Lehman’s Unsecured Creditors to Receive $4.6 Billion
The planned distribution for unsecured creditors, which include former employees, banks, asset-management firms and pension funds, represents 17 percent of the value of their claims.
By William Alden
Advertisem*nt
SKIP ADVERTIsem*nT
Op-Ed Columnist
The Forever Slump
The United States should learn from Europe’s experience of raising interest rates too soon.
By Paul Krugman
DealBook
A ruling by a panel of former judges found that Lehman Brothers management, not Ernst & Young, was most responsible for setting in motion a maneuver that let Lehman move billions off its balance sheet.
By Matthew Goldstein
DealBook
Do ‘Living Wills’ for Banks Even Make Sense?
The big financial institutions, as currently constituted, probably cannot come up with a reasonable resolution plan under the bankruptcy code, as currently constituted, writes Stephen J. Lubben in the In Debt column.
By Stephen J. Lubben
DealBook
UBS and Deutsche Bank Disclose New Inquiries Over ‘Dark Pools’
The latest regulatory inquires come about a month after New York’s attorney general, Eric T. Schneiderman, sued Barclays over its private stock trading platform, known as a dark pool.
By Chad Bray
DealBook
For Sale: 20% Stake in Hedge Fund. Terms: Complicated.
The estate of the bankrupt Lehman Brothers still has to sell a portion of the $22 billion hedge fund D. E. Shaw, but it has no takers.
By Matthew Goldstein and Alexandra Stevenson
DealBook
After Years of Ambitious Growth, Barclays Seeks to Be Leaner
The overhaul of the giant British bank signals a shift toward retail and commercial banking and away from Wall Street.
By Chad Bray and Jenny Anderson
DealBook
Barclays Technology Banker to Join Evercore
J. Stuart Francis, who has been chairman of the global technology group at Barclays since 2008, will join Evercore Partners in August.
By Dealbook
DealBook
Barclays Confirms Its Head of Mergers Is Leaving
Paul G. Parker, global head of mergers at Barclays and a former Lehman Brothers banker, is the latest prominent executive to announce plans to leave the British bank.
By Michael J. de la Merced
DealBook
Top Officer of Barclays in America Is Leaving
Hugh E. McGee III will leave his post on Wednesday, even as the bank prepares to create a new holding company for its American business by July 2016.
By Chad Bray
DealBook
British Financial Regulator Adds 2 Senior Advisers
The Financial Conduct Authority has appointed two senior advisers – David Saunders, a former head of Britain’s Competition Commission, and Gunner Burkhart, a former executive at Goldman Sachs.
By Chad Bray
Advertisem*nt
SKIP ADVERTIsem*nT
Jeb Bush’s Rush to Make Money May Be Hurdle
Mr. Bush’s efforts to capitalize on his résumé and reputation have thrust him into situations that may prove challenging to explain should he mount a campaign for the presidency.
By Michael Barbaro
Economix
China’s Shadow Banking Malaise
A severe slowdown in China’s economy would have a modest ripple effect, particularly on global commodity prices, but would not provoke a global crisis, two economists write.
By Peter Boone and Simon Johnson
DealBook
In a Retirement, a Loss for Barclays
Hans-Joerg Rudloff’s retirement as chairman of investment banking at Barclays comes at an unhelpful time for the British lender, writes Dominic Elliott of Reuters Breakingviews. The new chief executive could use his help as a continuity figure and mentor.
By Dominic Elliott
DealBook
Geithner’s Book Has a Title: ‘Stress Test’
The title gives a flavor of the upcoming memoir by Timothy F. Geithner, who, as president of the Federal Reserve Bank of New York and then as Treasury secretary, was a central player in the government’s effort to fight the financial crisis and economic recession.
By William Alden
A New Light on Regulators in the Dark
Federal Reserve transcripts show a board playing catch-up with the events of 2008.
By Gretchen Morgenson
DealBook
Fed Fretted Over Reaction to Demise of Lehman
The documents published on Friday provide one of the fullest pictures yet of the thinking of top government officials on the bank’s implosion.
Fifteen years ago, the world witnessed the largest commercial collapse in history. The financial giant Lehman Brothers filed for bankruptcy on Sept.15, 2008, with $613 billion in debt, putting thousands of employees out of work and sending the already recessionary economy into a tailspin.
More than $115 billion was paid out. Lehman's 111,000 customers received all $106 billion they were owed, and secured creditors also received full payouts. Unsecured creditors recovered $9.4 billion, or about 41 cents on the dollar. They were originally expected to recover about 20 cents on the dollar.
The firm survived many challenges but was eventually brought down by the collapse of the subprime mortgage market. Lehman first got into mortgage-backed securities in the early 2000s before acquiring five mortgage lenders. The firm posted multiple, consecutive losses and its share price dropped.
The Investigations and Legal Consequences. In the aftermath of the Lehman Brothers bankruptcy, investigations were launched into the bank's financial practices and the events leading up to the bankruptcy. These investigations focused on allegations of financial misconduct, including fraud and insider trading.
Did Anyone Go to Jail for the 2008 Financial Crisis? Kareem Serageldin was the only banker in the United States who was sentenced to jail time for his role in the 2008 financial crisis. He was convicted of hiding losses by mismarking bond prices.
Lew Glucksman is CEO of Lehman Brothers. Shearson Division of American Express acquires Lehman Brothers. Global financial markets plunge on Black Monday. Lehman Brothers is spun off from American Express into Lehman Brothers Holdings, Inc.
According to Bloomberg, reports filed with the U.S. Bankruptcy Court, Southern District of New York (Manhattan) on September 16 indicated that JPMorgan Chase & Co. provided Lehman Brothers with a total of $138 billion in "Federal Reserve-backed advances".
Lehman executives were accused of hiding over $50 billion in loans disguised as sales (which were approved by the firm's auditor Ernst & Young). They did this by allegedly selling toxic assets to Cayman Island banks with the understanding that they would be bought back eventually.
(born April 26, 1946) is an American banker best known as the final chairman and chief executive officer of investment bank Lehman Brothers. Fuld held this position from 1 April 1994 after the firm's spinoff from American Express until 15 September 2008.
Why Was Lehman Brothers Not Bailed Out? Regulators claimed they could not have rescued Lehman because it did not have adequate collateral to support a bailout loan under the Federal Reserve's emergency lending powers.
New York, NY, September 28, 2022 – Judge Shelley C. Chapman of the U.S. Bankruptcy Court for the Southern District of New York today closed the Lehman Brothers Inc.
Repo 105 was a repurchase agreement that a company used to gain funds via short-term loans that are backed by collateral. Under Repo 105, if a company had the ability to repurchase the assets, it was considered a financing transaction and if it did not, it would be a sale.
Shearson/American Express, an American Express-owned securities company focused on brokerage rather than investment banking, acquired Lehman in 1984, for $360 million.
Barclays acquired the investment banking business of Lehman Brothers in September 2008. Lehman Brothers filed for Chapter 11 bankruptcy protection on Monday, September 15, 2008.
New York, NY, September 28, 2022 – Judge Shelley C. Chapman of the U.S. Bankruptcy Court for the Southern District of New York today closed the Lehman Brothers Inc.
On September 20, 2008, a revised version of the deal, a $1.35 billion (£700 million) plan for Barclays to acquire the core business of Lehman (mainly its $960-million headquarters, a 38-story office building in Midtown Manhattan, with responsibility for 9,000 former employees), was approved.
Introduction: My name is Aracelis Kilback, I am a nice, gentle, agreeable, joyous, attractive, combative, gifted person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.
