Lehman brothers 2008 annual report

In January 2008, Lehman Brothers was the fourth largest US invest-ment bank and a highly respected global financial institution. It announced record revenues for 2007, had a $35 billion market cap-italization, and held around $700 billion in assets.29 Virtually no one expected a corporate default. I'm referring to the September 2008 bankruptcy of Lehman Brothers, which up until then had been the nation's fourth-largest investment bank. Consider the stock-market timers I monitor who sported the best track records going into September 2008. On average, they had far higher equity exposure levels