Items tagged with Great Recession
Back in 2008, Lehman Brothers -- once the fourth-largest investment bank in the United States -- tanked in September of 2008 as part of the subprime lending crisis. Its collapse kicked off the Dow's worst performance in a decade and the data that emerged in the aftermath made it clear that LB was over-leveraged and hugely arrogant. Its CEO dismissed talk of reducing yearly bonuses as "embarrassing" days before the entire company collapsed. For the past few years, Lehman has been in bankruptcy proceedings. It's emerged from under this rock to file a suit against Intel in an apparent bid to recover assets it claims Santa Clara improperly claimed. The deal between the two companies, signed in the...
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The collapse of Wall Street a few years back and the so-called Great Recession that followed were, it's generally agreed, pretty bad things. As investment banks began to fail and the Dow fell, the Securities and Exchange Commission (SEC) found itself in the uncomfortable position of having to explain how this had happened on its watch. It seems logical to think the top brass at the federal watchdog would have spent their time furiously searching for an explanation as to what had happened, while simultaneously trying to explain how they missed it. As it turns out, that's not quite true. The SEC recently completed an investigation into the web surfing habits of its employees and discovered that...
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