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The Fuld Rescue
In September 2008, Lehman Brothers secured emergency bridge financing from a consortium led by the Federal Reserve Bank of New York and a group of sovereign wealth funds, narrowly avoiding bankruptcy. The firm survived as a diminished, closely supervised going concern rather than collapsing, altering the trajectory of the ensuing financial crisis without preventing it outright.
Diverged 2008 · “Lehman Brothers secures emergency financing and continues operating as a going concern.”
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TodayLehman Brothers exists today as a mid-sized investment bank, roughly a third its former size, majority-owned by a consortium of former sovereign creditors and still subject to enhanced supervision under the Resolution Oversight Panel's successor body. The 2008 crisis still produced a severe recession and the TARP program, but the absence of a Lehman bankruptcy filing is credited, in most retrospective accounts, with shortening the acute panic phase by several weeks and reshaping American bank-resolution law around rescue-and-shrink rather than liquidation.
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