Lehman Brothers filed a petition in the United States Bankruptcy Court for the Southern District of New York seeking relief under chapter 11 of the United States Bankruptcy Code on September 15, 2008. This represents the first and only relevant bankruptcy of the US financial system. Other financial intermediaries have been rescued by using public money (Bear Sterns, Fanny Mae and Freddie Mac).
The history of Lehman started in the 17th century when the Lehman Brothers started to commerce cotton, woods and other raw materials with America. They moved from Holland to America and made their fortune in dealing with challenging and developing businesses. In the 20th and 21st century, Lehman has been a leading firm in M&As; in Italy, Lehman became famous after the unexpected success of the takeover of Telecom Italia by a little tycoon, Mr. Colaninno.
Editor: Chiara OLDANI
© 2010 ASSONEBB