Lehman file for Chapter 11 bankruptcy protection
"NEW YORK (MarketWatch) -- Wall Street awoke to a dramatically changed world on Monday as Lehman Brothers' bankruptcy filing rocked investors and pulled down financial stocks around the globe.Lehman (LEH 0.19, -3.46, -94.8%) on Monday filed for Chapter 11 bankruptcy protection, ending the 158-year-old Wall Street firm's run and rattling the foundation of the global financial system.
The filing shows that Lehman is closing its doors with more than $600 billion of debt. The bank has total debts of $613 billion against total assets of $639 billion. Its filing with the Bankruptcy Court of the Southern District of New York shows that Lehman had more than 100,000 creditors.
The announcement came after a frantic weekend of negotiations in which potential acquirers backed away from a deal and federal officials balked at committing taxpayer funds to help save the Wall Street giant. "
it's so sad...
posted by gisele @ 10:55 PM
