Mon Sep 15, 2008
By Dan Wilchins
NEW YORK (Reuters)

Lehman Brothers Holdings Inc filed for bankruptcy protection, after trying to finance too many risky assets with too little capital, making it the largest and highest-profile casualty of the global credit crisis. Based on its assets at the time of filing, Lehman surpassed WorldCom as the largest U.S. bankruptcy ever. Lehman had about $639 billion in assets at the time of filing, while WorldCom had about $107 billion when it filed for bankruptcy protection in 2002.

The Chapter 11 filing did not include Lehman's broker-dealer operations and other units, such as asset management firm Neuberger Berman. Those businesses will continue to operate, although Lehman is expected to liquidate them. It said it is in advanced talks on selling its investment management division. Lehman is one of the biggest investment banks to collapse since 1990, when Drexel Burnham Lambert filed for bankruptcy protection amid a collapse in the junk bond market.


Read More Here:
http://www.reuters.com/article/idUSN1550284320080915?sp=true

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