“September 15th, 2008 is a day that will live in economic infamy. When Lehman Brothers – a 158-year old company that survived the Civil War, two World Wars, and the Great Depression – declared bankruptcy, it marked the beginning of our economic crisis.
Understanding all the causes that led to the collapse of Lehman, with its near-catastrophic market consequences, will keep B-school students and historians busy for decades. Some suggest that our overheated and over-levered financial system created all the right conditions to unravel the economy. While many play this “perfect storm” card, our crisis was precipitated by the decisions of individuals who failed to mitigate financial risk. This hasn’t been a particularly good era for leaders.”