21 Facts About Lehman Brothers

Lehman Brothers Holdings Inc was an American global financial services firm founded in 1847.

Lehman Brothers was operational for 158 years from its founding in 1850 until 2008.

On September 15,2008, Lehman Brothers filed for Chapter 11 bankruptcy protection following the exodus of most of its clients, drastic declines in its stock price, and the devaluation of assets by credit rating agencies.

Mayer Lehman Brothers was listed as the owner of seven slaves in the US Census of 1860.

Lehman Brothers opened its first branch office at 119 Liberty Street, and 32-year-old Emanuel relocated there to run the office.

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Lehman Brothers became a member of the Coffee Exchange as early as 1883 and finally the New York Stock Exchange in 1887.

Robert Lehman Brothers died in 1969 after 44 years in a leadership position for the firm, leaving no member of the Lehman Brothers family actively involved with the partnership.

On September 11,2001, Lehman Brothers occupied three floors of 1 World Trade Center, where one of its employees was killed in the terrorist attacks of that day.

In October 2001, Lehman Brothers purchased a 32-story, 1,050,000-square-foot office building for a reported sum of $700 million.

Lehman Brothers began moving into the new facility in January and finished in March 2002.

Lehman Brothers was one of the first Wall Street firms to move into the business of mortgage origination.

In 1997, Lehman Brothers bought Colorado-based lender, Aurora Loan Services, an Alt-A lender.

In 2000, to expand their mortgage origination pipeline, Lehman Brothers purchased West Coast subprime mortgage lender BNC Mortgage LLC Lehman Brothers quickly became a force in the subprime market.

In 2008, Lehman Brothers faced an unprecedented loss to the continuing subprime mortgage crisis.

Lehman Brothers's loss was a result of having held on to large positions in subprime and other lower-rated mortgage tranches when securitizing the underlying mortgages; it is unclear whether Lehman Brothers was simply unable to sell the lower-rated bonds or voluntarily kept them.

Lehman Brothers reported that it had raised a further $6 billion in capital.

Lehman Brothers reported that it had been in talks with Bank of America and Barclays for the company's possible sale; however, both Barclays and Bank of America ultimately declined to purchase the entire company, in the former case because the British government refused to allow the transaction at the last minute, quoting stockholder regulations in the UK, despite a deal having apparently been completed.

The morning witnessed scenes of Lehman Brothers employees removing files, items with the company logo, and other belongings from the world headquarters at 745 Seventh Avenue.

Lehman Brothers became a victim, in effect the only true icon to fall in a tsunami that has befallen the credit markets.

Lehman Brothers's bankruptcy was the largest failure of an investment bank since Drexel Burnham Lambert collapsed in 1990 amid fraud allegations.

In October 2011 the administrators of Lehman Brothers Holding Inc lost their appeal to overturn a court order forcing them to pay £148 million into their underfunded pensions plan.