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Lehman BrothersA Crisis of Value$
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Oonagh McDonald

Print publication date: 2015

Print ISBN-13: 9781784993405

Published to Manchester Scholarship Online: May 2016

DOI: 10.7228/manchester/9781784993405.001.0001

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PRINTED FROM MANCHESTER SCHOLARSHIP ONLINE (www.manchester.universitypressscholarship.com). (c) Copyright Manchester University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MSO for personal use.date: 22 October 2019

From Hubris to Nemesis

From Hubris to Nemesis

January to September 2008

Chapter:
(p.15) 2 From Hubris to Nemesis
Source:
Lehman Brothers
Author(s):

Oonagh McDonald

Publisher:
Manchester University Press
DOI:10.7228/manchester/9781784993405.003.0002

2008 began well for Lehman with the announcement in January of their financial report for the year ending November 30, 2007, showing record revenues of nearly $60 bn and record earnings of $4bn. This chapter will examine the regulatory failures, the powers at their disposal, the lack of communication and the reasons for inaction. They should have paid attention to what the market was telling them about the value of Lehman’s assets. The regulators should have focussed on the necessity of transparency for the functioning of the markets. Yet none of the regulators were aware of the existence and use of Repo 105 and the lack of consistency, to say the least, in the application of Lehman’s valuation procedures.

Keywords:   Lehman Brothers, Global financial crisis, banking, crash, economy, debt, capital, bankruptcy, regulation

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