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The story of Lehman Brothers, one of the four largest US investment banks in the past. The bankruptcy of September 15, 2008 marked the beginning of the global financial crisis that shook the planet. And continues to echo until today. Longstanding practices of market manipulation by mortgage policies, also applied by Lehman's competitors, led to the crash of US banks. And hence the domino effect in the world. Over the last 10 years, experts have estimated the total amount of Western government spending in the form of bankruptcy recapitalization, loan securement and liquidity provision to about $ 14 trillion .
And the money of the governments, you know from which pocket they go out. And in the world and in our country – where during these 10 years, chilly economic growth against inflation is just a joke, and we can only dream of a true indexation of wages and pensions. Neighboring Greece is still recovering from its total bankruptcy in 2008/2009 drastic economic measures imposed by the EU to save it, and all this with the unprecedented influx of refugees over the past three years. Economic restraint policies adopted against the crisis in Europe have led to mbadive stagnation and impoverishment across the continent. And they have been largely sufficient to serve as a catalyst for various extremist, populist and Eurosceptic tendencies in all EU Member States.
Remember Iceland!
And it all started with the collapse of Lehman Brothers. In theory, it could be somebody else from the "Big Four", "Merrill Lynch", Goldman Sachs or "Citigroup" Wall Street. Each of them managed to fight in time for a rescue of the US Treasury in this black September for the bankers. Let's say that "Lehmann" pulled the short stick, probably the most accurate. It was not worth more or less than the other sharks. And it's not like they've always been on the winning side. In the end, the arrogant motto of Wall Street investment banks before their collapse in 2008, "Too big to fail," was as much as that of "Goldman Sachs" and "Lehman Brothers." In any case, an American banker imprisoned to provoke the crisis has entered, as it has been, nowhere else in the world, except in Iceland. Whether because the entire population (320,000 people) is likely to know each other personally or because they are only serious people, but in the last ten years they have sentenced and dismissed 39 bankers, chief executives , with the market manipulations around the 2008 crisis. That's right, yes! In addition, the small Iceland between September and December was bankrupted twice, first for the collapse of Lehman Brothers and Wall Street, and a few weeks later for its tricycles. Reykjavik even began exploiting drilling opportunities for EU membership, but eventually gave up for two years.
With what you said, you understand that every man on the planet should have a reason to remember Lehman Brothers. Which could explain why Coglio thinks they're still here. But let's start again. Like some of our previous heroes, this one comes from the outskirts of the German city of Würzburg, and in particular the city of Rimpar, where Henry (Haum) Lehmann was born in 1822. His father, Abraham, is a merchant of local livestock. The eldest of three brothers, Henry immigrated to the United States in 1844 and settled in Montgomery, Alabama, where he opened a clothing and textile store under the company "X. Lehman. "When his brother Emmanuel joined Rimpar in 1847, the name of the company was changed to" X. Lehmann and Bro ", and with the inclusion of the third brother Maier in 1850, Lehman Brothers was officially born. It was in the 1850s that cotton became one of the most important products and that the newly created company began to take advantage of its high price in the market. The Lehman brothers first accept raw cotton instead of cash and in a few years become one of the largest brokers in the South. The trick comes in 1855 when Henry Lehmann was sick and was resting on a yellow fever during a working trip to New Orleans. Of course, Emmanuel and Meyer do not give up and continue in their footsteps, making the purchase and sale of cotton a major undertaking.
About the cause of the south
Unlike other major banking families that we have already mentioned, such as Kun, Loeb or Lazar, who acquired their initial state during the American Civil War (1861-1865) with orders and supplies for the northern armies, support from Lehman Brothers the cause of the south. To this extent, everyone must have linked the concepts of "big cotton trade", "Alabama" and "1850s" to "slavery". In the 1860 US National Census, Maier Lehman recorded seven dresses as property (literally "three men and four women aged 5 to 50 years"). A few years before the bankruptcy of the bank in 2002, the Chicago government forced all companies bound by a contract with the city to declare whether they had any relations or if their ancestors were involved in the slave trade. "Too big to fail." "Lehman Brothers" was to publicly acknowledge that the founding brothers were slaves, "they bought a woman named Martha in 1854" and "perhaps had personal slaves". Such were the times, some would say.
Alabama as special commissioner charged with defending the interests of the warlords of South South. After the rebuilding of the Union, Lehman Brothers is also actively involved in the reconstruction of Alabama after the war. At the same time, the company moved entirely to New York City, where it opened its office in 1867. The Lehman brothers were of fundamental importance for the creation of the New York Cotton Exchange in 1870 and Emmanuel remained a member of its board of directors until the end of the year. In 1884, at the same time, in the area of railway business and financial advice. In 1887, Emmanuel Lehmann was already a member of the New York Stock Exchange and the influence of the company continued to grow in his hands. Meanwhile, Meyer gradually retired and rests in 1897, leaving seven children, the youngest of whom, Herbert Lehmann, will later become governor of New York.
From the summit to the abyss
With the advent of the new century, the real boom of Lehman Brothers began. Upon Emmanuel's death in 1906, the bank's manager pbaded on to his son Philip, who is considered one of the first bankers to recognize the bond issue as a source of seed money. Over the next two decades, Lehman and Goldman Sachs will jointly participate in the successful financing of companies such as Macy's, Studebaker and Goodrich Corporation and many others. When Philip, in 1925, gave way to his son Robert "Bobby" Lehmann, the company is still in an office. Bobby has turned out to be a banker to a large extent and, to attract new investors, he has decided to open Lehman Brothers and outsiders. Under his leadership, the company survived the collapse of the stock markets in 1929 and the Great Depression that followed in the 1930s, while simultaneously raising money for the first American television producer, Dumont Labs. , the US magazine Radio Corporation Funding gains power in a future conglomerate known as "Halliburton".
Robert Lehmann left the white world on August 9, 1969, at the age of 77, after 44 years at the head of the bank and without any family members actively involved in the transfer business of the wealth management. The economic turmoil of the 1970s forced Lehman Brothers' board of directors to attract the managing director, Pete Peterson, who led the merger with the Kuhn, Loeb, crisis group in 1977. The internal power struggles between During the following decade, the crash – Lehman Brothers – was acquired by American Express in 1983 and remained a subsidiary until 1993, the year in which the company was launched. a new public call for savings at Lehman Brothers Holdings Inc. als and unscrupulous profiteers in their management over the next 15 years, the bank will live up to its status as the fourth largest in the United States until 39 to this fateful September 15, 2008
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