World Business Report: Looking back at Lehman Brothers

Sep 12, 2013, 05:21 PM

Cast your mind back five years - the world economy was looking pretty good, markets were confident, investment was high. Then doubts began spreading about one particular institution - the finance house Lehman Brothers. This weekend marks the fifth anniversary of a seminal moment - Lehman filed for bankruptcy protection - the largest in history, with Lehman holding $600 billion in assets. It is widely seen as the beginning of the global economic crisis, which for the US and Europe, certainly, only now seems to be ending. Lawrence McDonald was working at Lehman brothers in the period leading up to the banks collapse ... what does he remember of that fateful weekend? And Dr Richard Portas from London Business School tells us how he feels that not enough has been understood about what happened .