The Fed and Lehman Brothers
eBook - PDF

The Fed and Lehman Brothers

Setting the Record Straight on a Financial Disaster

Laurence M. Ball

  1. English
  2. PDF
  3. Available on iOS & Android
eBook - PDF

The Fed and Lehman Brothers

Setting the Record Straight on a Financial Disaster

Laurence M. Ball

Book details
Table of contents

About This Book

The bankruptcy of the investment bank Lehman Brothers was the pivotal event of the 2008 financial crisis and the Great Recession that followed. Ever since the bankruptcy, there has been heated debate about why the Federal Reserve did not rescue Lehman in the same way it rescued other financial institutions, such as Bear Stearns and AIG. The Fed's leaders from that time, especially former Chairman Ben Bernanke, have strongly asserted that they lacked the legal authority to save Lehman because it did not have adequate collateral for the loan it needed to survive. Based on a meticulous four-year study of the Lehman case, The Fed and Lehman Brothers debunks the official narrative of the crisis. It shows that in reality, the Fed could have rescued Lehman but officials chose not to because of political pressures and because they underestimated the damage that the bankruptcy would do to the economy. The compelling story of the Lehman collapse will interest anyone who cares about what caused the financial crisis, whether the leaders of the Federal Reserve have given accurate accounts of their actions, and how the Fed can prevent future financial disasters.

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Table of contents

  1. Cover
  2. Half-title page
  3. Series page
  4. Title page
  5. Copyright page
  6. Contents
  7. Preface
  8. Acknowledgments
  9. A Chronology of the Lehman Disaster
  10. 1 Introduction
  11. 2 The Crisis of 2008
  12. 3 The Legal Criteria for Fed Assistance
  13. 4 Lehman’s Balance Sheet and Solvency
  14. 5 Lehman’s Liquidity Crisis
  15. 6 Lehman’s Collateral and the Feasibility of Liquidity Support
  16. 7 Fed Discussions of Collateral and Liquidity Support
  17. 8 Fed Actions That Ensured Lehman’s Bankruptcy
  18. 9 Possible Long-Term Outcomes for Lehman
  19. 10 How Risky Were the Fed’s Rescues of Other Firms?
  20. 11 Who Decided that Lehman Should Fail?
  21. 12 Explaining the Lehman Decision
  22. 13 Conclusion
  23. Notes
  24. References
  25. Index
Citation styles for The Fed and Lehman Brothers

APA 6 Citation

Ball, L. (2018). The Fed and Lehman Brothers ([edition unavailable]). Cambridge University Press. Retrieved from (Original work published 2018)

Chicago Citation

Ball, Laurence. (2018) 2018. The Fed and Lehman Brothers. [Edition unavailable]. Cambridge University Press.

Harvard Citation

Ball, L. (2018) The Fed and Lehman Brothers. [edition unavailable]. Cambridge University Press. Available at: (Accessed: 21 June 2024).

MLA 7 Citation

Ball, Laurence. The Fed and Lehman Brothers. [edition unavailable]. Cambridge University Press, 2018. Web. 21 June 2024.