Lawrence G. McDonald
Almost three years ago crushing debt brought Lehman Brothers, a 158-year-old investment bank to its knees. It was a bankrupctcy bigger than any our world has ever seen. Lehman's failure was 10 times the size of Enron. If fact, its demise was bigger than the spectacular failures of General Motors, Chrysler, Worldcom, Delta Airlines and Enron. Combined!
The event caused one of the most severe, heart stopping shocks to our global economy. The pain is still being felt (just ask the people of Greece) and will be for years to come. Within 4 months of Lehman's collapse the US economy lost more than 3 million jobs and the Dow Jones Industrial Average shedded more than 4,000 points. 401k's became 201k's, the wealth destruction was profound. Anyone reading these words felt it.