Business Daily Putting a financial crash on stage
Dec 19, 2024
The podcast dives into the riveting story of Lehman Brothers, exploring its dramatic rise and catastrophic fall amid the 2008 financial crisis. It highlights the successful play that dramatizes this tale, resonating with audiences grappling with economic uncertainty. Personal accounts from former employees reveal the emotional trauma of the collapse. The discussion moves to the intersection of financial crises and storytelling, emphasizing how these narratives illuminate complex themes like human greed and the cyclical nature of economies.
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Lehman Brothers Collapse
- Lehman Brothers' collapse was partly due to the subprime mortgage crisis, involving bad loans.
- Kerry Leahy, a former Lehman employee, attributes the failure to a culture of overconfidence and risk-taking.
Too Big to Fail?
- Before the collapse, Lehman Brothers was considered too big to fail.
- Ben Bernanke, then Federal Reserve Chair, chose to save AIG over Lehman due to its interconnectedness.
Employee Reactions to Lehman's Collapse
- The BBC's 2008 report captured the shock and disbelief of Lehman employees losing their jobs.
- Lynn Gray, a former employee, recalls the emotional devastation and camaraderie within Lehman.