Bye Bye Lehman Brothers
The news that the Lehman brothers, one of Americas biggests investment banks has gone bankrupt will be met with tears and jeers. The bank grew fat on the subprime mortgage market, lending to people who could not afford to pay, so its little suprise that it collapsed.
With a corporate culture that was fueled by greed, even the most basic checks were forgone in the ever quest to increase revenues and drive up profit. This bank is indicative of so much that is wrong with the banking industry.
As its share price tumbled from over $80 to 20 cents, you could hear the collective sigh of Wall Street. The goodtimes are over.
The question is, will Goldman Sachs be next?