September 15th, 2008 - Start of the global financial crisis: The collapse of Lehman Brothers


Early Monday morning of September 15th, 2008 the investment bank ‘Lehman Brothers’ releases a statement at New Yorks Wall Street shaking the financial world: The U.S. bank founded in 1850 by German emigrants announces bankruptcy sending all independent investment banks in the heart of America's financial capitalism into a downward spiral. The Lehman collapse was preceded by a severe crisis in the U.S. housing economy because many homeowners could no longer pay their loans which had been resold by the banks. Lehman also had a large stocks of bad loans. Business partners lost confidence in the bank. An effort to rescue the investment bank essentially failed in part due to the harsh attitude of the U.S. government which favored a solution by the financial industry instead. The financial experts of the Bush Administration were probably not anticipating the shock waves triggered around the world by the collapse on Wall Street on September 15th 2008. Trust had completely evaporated. In Germany the crisis in the banking sector was met with an expenditure of billions of taxpayers' money and the nationalization of banks.

Länge: 00:01:28 | O-Ton: nein | Farbe: s/w | Jahr: 2008 | Clip-ID: JHT000398E




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