Lehman Brothers

Definition

Lehman Brothers was a global financial services firm that declared bankruptcy in 2008, marking the largest bankruptcy filing in U.S. history and significantly contributing to the global financial crisis. Its collapse highlighted vulnerabilities within the international financial system and spurred regulatory reforms.

Related terms

Financial Crisis: An event characterized by the significant decline in value across various financial markets, leading to liquidity shortages and the fall of financial institutions.

Bankruptcy: A legal process through which individuals or businesses unable to meet their debt obligations can seek relief from some or all of their debts.

Federal Reserve System:

The central banking system of the United States, responsible for regulating banks, managing the country's monetary policy, and providing stability to the financial system