I was thinking the same when I did a search for Lehman Bros & found this article written today.
How Greece could go down like Lehman Brothers
by S. Kumar @skumarus JUNE 29, 2015, 10:18 AM EDT
Before allowing Greece to collapse, Europe should heed lessons from the 2008 financial crisis.
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Today’s situation brings to mind an argument that some economists have posed over the past few years: Greece’s financial disaster could be as bad, if not worse, than Lehman Brothers, the storied investment bank that collapsed in 2008 and sparked a market panic that quickly spread through the entire U.S. financial system. In that case, the government was unwilling to bail out Lehman because it had just saved Bear Stearns and was wary of setting a bad precedent. But it failed to foresee the chain of dominos that the bank was a part of and would inevitably bring down.
The lesson there was that it wasn’t just the exposure that other market players had to Lehman, but the erosion of confidence in the financial system that led to a full-blown crisis. Banks, after witnessing the abandonment of Lehman, felt they could not rely on the help of the U.S. government to weather their brewing subprime mortgage storms. As a result, they stopped lending to each other and to other businesses, which led to an instant credit freeze and a dangerous increase in borrowing rates.
article:
http://fortune.com/2015/06/29/how-greece-could-go-down-like-lehman-brothers/
DO SOMETHING!
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