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Nir Kaissar

Who Lost the Most in the Financial Crisis? Ordinary Americans.

Wealth transferred to banks and sophisticated investors.

One investor’s crisis is another’s bargain.

One investor’s crisis is another’s bargain.

Photographer: Thomas Lohnes/AFP/Getty Images

Bloomberg Opinion marks the 10th anniversary of Lehman’s bankruptcy with a collection of columns from around the world. Read more.

A decade after the collapse of Lehman Brothers Holdings Inc., there are still arguments about who was responsible for the 2008 financial crisis. But it’s also worth revisiting who paid for the crisis and who profited from it.