Once upon a time ... Lehman Brothers (2008)

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Written by: 360.org

Saturday, 16 September 2017

2008 -

There was no way the three brothers Henry, Emanuel and Mayer could have known that their company, which initially started as a small grocery shop, would turn out to be one of the biggest modern investment banks in the world.

It all started in 1844, when young Henry Lehman started his shop in Alabama. His two brothers followed suit and together they started enlarging the project. Initially the name of the company was 'H. Lehman and Bro', but they changed it into 'Lehman Brothers' in 1850.

The trade
Lehman Brothers accepted cotton as a payment method, which made it an important share in their business and made them become a great shackle in this industry. But after the death of Henry in 1855, the remaining brothers traded their current business for investment banking. The investment business was very lucrative and the company grew exceptionally fast. At first only family members were allowed as partners, but that changed over the years. Moneywise, everything seemed to be going just fine, until 2007.

Chapter 11
The immense company started crumbling to pieces in late 2007 and lived its final days in September 2008. There was no stopping the collapse. Lehman Brothers was filed for the so-called Chapter 11 bankruptcy and their case even became the biggest bankruptcy in history.

360 trivial fact
The so-called 'Bank of Evil' in the movie Despicable me, has a little banner below its name, saying: 'formerly Lehman Brothers'. What must that indicate?



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