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    Lehman Brothers crisis: A story in headlines

    Lehman Brothers crisis: A story in headlines

    Lehman Brothers crisis: A story in headlines
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    By CNBC-TV18  IST (Updated)

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    This is a week of anniversaries of terrible events. Tuesday marked 17 years since the 2001 terror attacks and later this week will be the tenth anniversary of the Lehman Brothers bankruptcy, which intensified the worst financial crisis since the Great Depression.

    This is a week of anniversaries of terrible events. Tuesday marked 17 years since the 2001 terror attacks and later this week will be the 10th anniversary of the Lehman Brothers bankruptcy, which intensified the worst financial crisis since the Great Depression.
    To recall the Lehman Brothers bankruptcy, CNBC-TV18 has culled headlines from the past decade to track the rise and fall of what was once the fourth-largest firm on Wall Street.
    Expansion:
    “Lehman Brothers Buys Wall St. Rival.” The New York Times, July 18, 2000.
    The US investment bank Lehman Brothers buys the private client business of a smaller Wall Street rival, SG Cowen, to expand its brokerage services to wealthy Americans.
    ”I absolutely believe that there will be a central financial district in New York and we will be in it,” said Jeffrey Vanderbeek, a managing director of Lehman Brothers. But, like any good trader, he hedged that position, saying that where Wall Street firms ultimately wind up will depend ”on what kind of deals can be cut.”
    Buying spree: “Lehman to Buy Neuberger for $2.6B.” CNN/Money, July 22, 2003.
    In a highly anticipated deal that will increase its offerings to wealthy individuals, Wall Street brokerage firm Lehman Brothers confirmed that it will buy money manager Neuberger Berman for $2.6 billion in cash and stock.
    Earnings boost: “Lehman Cheers Wall Street With Strong Results.” Telegraph, March 17, 2004.
    Lehman’s strong showing lately is seen as vindicating the strategy of chief executive Richard Fuld, who has moved the business away from its reliance on bond sales.
    However, the bank is fighting a belief among some analysts that it cannot continue to grow at this pace.
    Bonuses: “Bonus Bonanza as Bankers Strike Gold.” The Times, Dec. 18, 2005.
    Richard Fuld, Lehman Brothers’ chairman and chief executive, received a $14.9 million stock bonus.
    Subprime hits hard:Lehman Profit Falls on Subprime, but Still Beats Estimates.” The New York Times, Nov. 13, 2007.
    Fuld: “Despite what continues to be a difficult operating environment, the firm’s results for the quarter highlight our ability to perform across market cycles and deliver value to our shareholders.”
    Top executives exit: “Earthquake at Lehman.” Portfolio, June 12, 2008.
    CEO Richard Fuld tells hearing that he takes no responsibility for collapse.
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