Lehman Brothers, caught in the recession, is finally free from debt. Lehman Brothers is the largest financial and real estate firm in the history of the United States. The liabilities were fully settled in 14 years and 13 days. The fall of Lehman Brothers, the fourth largest investment bank in the United States, also affected countries around the world.
Lehman Brothers first filed for bankruptcy in 2008. Lehman Brothers was led into financial meltdown by making loans without any collateral and then defaulting on them. Also, massive turnarounds to show that the balance sheet was better also hurt the bank’s survival.
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Lehman Brothers was able to change the American economy itself. Many people have lost their jobs after filing a bankruptcy petition, and many others have incurred huge financial burdens. According to estimates, Lehman Brothers has paid off liabilities of around $11.5 billion.