The biggest of them all, the cataclysmic crash of Lehman Brothers Investment Bank, took place on Sept 15, 2008, even though their assets were on mind blowing $691 billion! To this day, the question is being asked: why were they allowed to fail? And with their kind of assets, how did they fail?
What emerges is a story of humongous illiquid investments in real estate which went bad with the real-estate market crash. If you want to know more about the nature of other major bankruptcies in the US, read this fascinating infographic.
The 20 Biggest Bankruptcies in United States History:
Infographic by – TitleMax