Maryland Opinion of Lehman Brothers
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How to fill out Opinion Of Lehman Brothers?
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FAQ
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.
Instead, Lehman's fate was determined by officials' views of the political and economic consequences of a Lehman rescue or a Lehman bankruptcy. The deciding factor was politics: the decision-makers, especially Paulson, were unwilling to endure the intense criticism that would have followed a Lehman rescue.
It also engaged in unethical accounting, where the repo 105 accounting transactions were used to cover the liabilities in the balance sheets. The practice painted a false image of their standing in the stock market; thus, giving a piece of misleading information to the investors.
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. 14 Furthermore, the financial system was by then more fragile compared to when the Fed saved Bear Stearns.
Causes of Lehman's Bankruptcy In 2008, it had $639 billion in assets, technically more than enough to cover its $613 billion in debt. However, the assets were difficult to sell. 4 As a result, Lehman Brothers couldn't sell them to raise sufficient funds. That cash flow problem is what led to its bankruptcy.
Exposure to the mortgage market Lehman borrowed significant amounts to fund its investing in the years leading to its bankruptcy in 2008, an intricate process known as leveraging or gearing. A significant portion of this investment was in housing-related assets, making it vulnerable to a downturn in that market.
Ultimately, the collapse of Lehman Brothers was a symbol of the failure of supervision and inadequacies of regulation in financial markets. Such concerns are still reverberating in the banking sector 15 years later. Similarly unforeseen problems could make another bank failure and financial crisis more likely.
The primary means by which Lehman Brothers disguised its distress was through implementation of what was known to insiders as ?Repo 105.? This legal but shady accounting device helped create favorable net leverage and liquidity measures on the balance sheet, which was key for credit rating agencies and consumer ...
