Ten years ago, US investment bank Lehman Brothers filed for bankruptcy, marking the most symbolic moment of the global financial crisis. It remains the largest bankruptcy filing in US history. The demise of Lehman on 15 September 2008 was just the tip of the iceberg. Little did we know but at the time the whole global financial system was on the brink of collapse. The underlying cause was the failing US housing market, in particular the subprime mortgage sector, which lent to borrowers with poor credit histories.
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