600 billion dollar bankruptcy!
September 15, 2008
story from fox business,
Lehman Brothers (LEH: 3.65, -0.57, -13.50%) filed for Chapter 11 bankruptcy early Monday morning and said it will slowly wind down its operations after being in business for 158 years.
Lehman filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court of the Southern District of New York. The company’s broker-dealer subsidiary and other parts of Lehman was not in the filing.
Both Bloomberg and Reuters reported the details of bankruptcy filing, saying Lehman had more than $600 billion in outstanding debts. FOX Business is working to confirm that report. If true, it would be the largest bankruptcy in U.S. financial history.
It marks the first bankruptcy of a Wall Street firm since Drexel Burnham and Lambert in 1990.
Read the entire article here, foxbusiness.com
