The last hundred year`s biggest credit crunch

One of the most powerful investment banks collapsed on Sunday night.
The 135 year old Lehman Brothers employed some 25.000 people wordwide,
of which about 5.000 were in the UK, most of them were told that they no longer have a job.
LB bit off more than it could chew and lent more money than it had. What happend to them could easily pull down a number of other organizations, like banks and investors.
The effects of the bankruptcy will spread through the world market and in four-five months might reach Asia too.

Szeptember 2008
G. B. Hungary

Lehman Bros bankruptcy

Lehman Brothers which was a global investment bank collapsed on Sept 14th 2008.
The present economic situation is similar to the 1920's.
There were 5,000 staff in the UK and 25,000 around the world.
They could be placed into liquidation.
Many economists said the effects will be spread all over the world including Hungary.
Other banks also will be in danger of collapse.

Ryusuke