Monday, October 6, 2008

Shrapnel From Wall Street, Landing 40 Miles North

This morning the House Oversight Committee is investigating the collapse of Lehman Brothers. Damage from the credit crunch accelerated last month as Lehman Brothers Holdings Inc. and Washington Mutual Inc. Lehman Brothers Holdings Inc.'s filing for bankruptcy last month was the largest in US history. At left, a portrait of embattled Lehman Brothers CEO Richard Fuld by artist Geoffrey Raymond. time payment. The trend has accelerated sharply with the collapse of institutions like Bear Stearns and Lehman Brothers. The collapse of Lehman Brothers led to the downfall of America's original money fund, the once $162 billion Reserve Primary Fund. "We haven't done much since the collapse of Lehman [Brothers]," says Glenn Scott Wright of the Victoria Miro gallery. Firms like Bear Stearns and Lehman Brothers have already disappeared. “Everyone knows someone who lost his job, at Lehman Brothers or Bear Stearns or somewhere else,” he said.

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