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It's been a year since bad investments in subprime-mortgage based securities sent Lehman Brothers to bankruptcy court.
"Few people realized how traumatic Lehman's going Chapter 11 would be," says Lawrence J. White, an economics professor at Stern School of Business. "It made creditors extremely nervous about lending money to almost anybody except the U.S. government."
The death of the financial services giant was only one milestone along a continuum of bad news: bank failures, foreclosures, stock market plunges. Roll over points on the timelines at right, which trace Lehman's demise and how it fits in—in relation to the wider financial crises in the U.S. and abroad.
Sources: New York Times, BBC, SEC, Federal Reserve Bank of St. Louis, Wall Street Journal, The Times Online, USFN, Bloomberg, CNBC, Federal Reserve Bank of Richmond, FDIC, NPR, Market Watch, Consumerist.com, CNN, San Francisco Chronicle
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