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15 Sep 2009
Today marks the anniversary of the collapse of Lehman Brothers, widely viewed as the biggest banking failure in history.
Accountancy Age tracks the timeline from the announcement of its demise, the appointment of PwC as administrators, its global impact, investor attempts to sue auditors and many more issues.
You can see read the history of Lehman's from the recruitment of its CFO Erin Callan in 2007 to her resignation in 2008, up to the recent announcement in September this year of PwC trying to reclaim $100bn for creditors.
19 September 2007
US bank takes $700m credit crunch write down
Lehman Brother takes $700m (£350m) hit from exposure to sub-prime
securitised debt
www.accountancyage.com/2198965
21 September 2007
Callan named as Lehman Brothers CFO
Investment bank appoints Erin Callan to spearhead the financial operations
of the US powerhouse
www.accountancyage.com/2199255
2 April 2008
Lehman Bros beef up balance sheet by $4bn
Investment bank makes concerted effort to quash concerns about its balance
sheet by raising $4bn after a share issue
www.accountancyage.com/2213286
12 June 2008
Lehman's CFO steps down
US investment bank's CFO goes just six months after being appointed
following disastrous quarterly results
www.accountancyage.com/2218910
20 June 2008
Ex-Lehman CFOs named in sub-prime suit
Suit alleges bank's reporting of sub-prime exposures lost shareholders
billions
www.accountancyage.com/2219653
16 July 2008
Credit Suisse takes on Lehman's ousted CFO
Callan bags top hedge fund role despite dismal exit from Lehman
Brothers
www.accountancyage.com/2221743
27 August 2008
KKR favourite in bid for Lehman Bros
Private equity firm KKR is frontrunner in the bidding for investment banker
Lehman Brothers' assets
www.accountancyage.com/2224711
15 September 2008
Lehman files for bankruptcy protection
Lehman has filed for bankruptcy protection after US Treasury Secretary
Poulson fails to bail out the bank
www.accountancyage.com/2226048
15 September 2008
Lehman work 'more complex than Enron'
Administrators talk about collapse of investment bank, saying there are
billions of pounds of complex derivative contracts to unravel
www.accountancyage.com/2226110
15 September 2008
Rover veteran heads up Lehman Brothers administration
Tony Lomas appointed as one of four joint administrators after investment
banking giant collapses and announces plans to file Chapter 11 petition in the
States
www.accountancyage.com/2226057
16 September 2008
Barclays still in the ring for Lehman Brothers
Barclays says it is in talks with troubled investment bank about a purchase
of certain assets
www.accountancyage.com/2226142
17 September 2008
Barclays snaps up Lehmans US arm for £140m
Barclays swoops in for the North American division of the collapsed
investment bank
www.accountancyage.co
m/2226243
17 September 2008
Suitors come calling for Lehmans
PwC says it has received expressions of interest for the solvent parts of
Lehman Brothers UK business
www.accountancyage.com/2226269
17 September 2008
PwC: Lehman staff will be paid
Tony Lomas says 4,500 staff will be paid
www.accountancyage.com/2226295
17 September 2008
Lehman administration: other institutions helping
PwC partner Steven Pearson outlines help administrators are getting from
other bodies
www.accountancyage.com/2226299
18 September 2008
Huge PwC team sifts through the remains of Lehman Brothers
PwC sends in 80 experts in an attempt to unravel collapsed giant Lehman
Brothers' derivatives book
www.accountancyage.com/2226336
18 September 2008
On the Money with Damian Wild
Lehman Brothers not attractive place to launch career
Poor Business Week.
No sooner had the well-regarded US magazine published its third annual Best
Places to Launch a Career survey than the world of US business was turned on its
head
www.accountancyage.com/2226320
19 September 2008
Moulton slams 'absurd' accounting for banks' crisis
Private equity firebrand says 'absurd' accounting rules must be partly to
blame for the current market troubles
www.accountancyage.com//2226478
19 September 2008
Lehmans administrators: Dan Schwarzmann, PwC
PwC partner Dan Schwarzmann is the financial services expert on the Lehmans
administration
www.accountancyage.com/2226494
19 September 2008
Lehmans administrators: Steven Pearson, PwC
Pearson's former administrations include Enron Europe, MG Rover and Atlantic
Telecom
www.accountancyage.com/2226483
19 September 2008
Lehmans administrators: Tony Lomas, PwC
Tony Lomas has already said that Lehmans collapse will be 'larger and more
complex' than Enron or MG Rover - he should know
www.accountancyage.com/2226484
19 September 2008
Lehmans administrators: Mike Jervis, PwC
Enron veteran Mike Jervis has some prior experience of financial services
administrations
www.accountancyage.com/2226485
22 September 2008
Brown pushes for Lehman Europe's £4bn return
We are asking and working with the American government to get that money
back to pay salaries, not of high-flying financiers, but of cleaners and people
who are computer operators who would otherwise be denied their money' - Gordon
Brown
www.accountancyage.com/2226603
22 September 2008
Lehman won't return client assets for 'months'
'The administrators treat the identification and return of client monies and
assets (client assets) of LBIE as a very important and urgent matter' - PwC
www.accountancyage.com/2226610
22 September 2008
PwC pushing for Lehman sell-off
PricewaterhouseCoopers locked in talks with bidders hoping to snap up Lehman
Brothers' European assets
www.accountancyage.com/2226611
22 September 2008
One bidder left for Lehman Brothers, says PwC
Administrators say that there is only one suitor in the frame for Lehman
Brothers' investment banking and private equity businesses
www.accountancyage.com/2226637
23 September 2008
Nomura is Lehmans sole bidder
Barclays drops out of race to secure the parts of Lehman Brothers UK and
Europe which are still solvent
www.accountancyage.com/2226708
24 September 2008
Lehmans administration: to the power four
A tricky task is in store for the four administrators of Lehman
Brothers
www.accountancyage.com/2226867
24 September 2008
Nomura deal saves 2,500 Lehman jobs
Thousands of employees will be kept on by Asia-based investment bank after
it snapped up the European and middle Eastern assets of Lehman Brothers
www.accountancyage.com/2226782
1 October 2008
Lehman sheds 750 jobs as sale fails
Lehman has shed 750 jobs after the sale of its European fixed income and
personal management units fails
www.accountancyage.com/2227226
24 October 2008
Lehmans creditors' meeting set for 14 November
Creditors meeting could see 2,350 people in attendance as the administrators
set out their stall
www.accountancyage.com/2229059
27 October 2008
Lehmans job moving slower than expected
Tony Lomas, the lead administrator says winding down Lehman Brothers
European operations has been held up because of the huge number of trades the
bank was involved in
www.accountancyage.com/2229114
7 November 2008
Lehman employees start $5m class action suit
Lehman employees, led by a computer programmer, have filed a $5m class
action suit against the bank
www.accountancyage.com/2230022
10 November 2008
Pearson defends Lehman trader bonuses
Steven Pearson, one of the four joint administrators of Lehman Bros Europe
justifies the bonus package given to traders for their help in unwinding the
collapsed bank's affairs
www.accountancyage.com/2230132
14 November 2008
E&Y sued over US Lehman audit
E&Y and US Lehman executives sued for misleading investors
www.accountancyage.com/2230536
14 November 2008
Lehman Bros administration costing £4m a week
Lomas, Pearson, and Jervis set out their stall to creditors in the shadow of
the 02 Arena and report the massive costs associated with the
administration
www.accountancyage.com/2230570
Continued on next page
Accountancy Age tracks the timeline from the announcement of its demise, the appointment of PwC as administrators, its global impact, investor attempts to sue auditors and many more issues.
You can see read the history of Lehman's from the recruitment of its CFO Erin Callan in 2007 to her resignation in 2008, up to the recent announcement in September this year of PwC trying to reclaim $100bn for creditors.
19 September 2007
US bank takes $700m credit crunch write down
Lehman Brother takes $700m (£350m) hit from exposure to sub-prime
securitised debt
www.accountancyage.com/2198965
21 September 2007
Callan named as Lehman Brothers CFO
Investment bank appoints Erin Callan to spearhead the financial operations
of the US powerhouse
www.accountancyage.com/2199255
2 April 2008
Lehman Bros beef up balance sheet by $4bn
Investment bank makes concerted effort to quash concerns about its balance
sheet by raising $4bn after a share issue
www.accountancyage.com/2213286
12 June 2008
Lehman's CFO steps down
US investment bank's CFO goes just six months after being appointed
following disastrous quarterly results
www.accountancyage.com/2218910
20 June 2008
Ex-Lehman CFOs named in sub-prime suit
Suit alleges bank's reporting of sub-prime exposures lost shareholders
billions
www.accountancyage.com/2219653
16 July 2008
Credit Suisse takes on Lehman's ousted CFO
Callan bags top hedge fund role despite dismal exit from Lehman
Brothers
www.accountancyage.com/2221743
27 August 2008
KKR favourite in bid for Lehman Bros
Private equity firm KKR is frontrunner in the bidding for investment banker
Lehman Brothers' assets
www.accountancyage.com/2224711
15 September 2008
Lehman files for bankruptcy protection
Lehman has filed for bankruptcy protection after US Treasury Secretary
Poulson fails to bail out the bank
www.accountancyage.com/2226048
15 September 2008
Lehman work 'more complex than Enron'
Administrators talk about collapse of investment bank, saying there are
billions of pounds of complex derivative contracts to unravel
www.accountancyage.com/2226110
15 September 2008
Rover veteran heads up Lehman Brothers administration
Tony Lomas appointed as one of four joint administrators after investment
banking giant collapses and announces plans to file Chapter 11 petition in the
States
www.accountancyage.com/2226057
16 September 2008
Barclays still in the ring for Lehman Brothers
Barclays says it is in talks with troubled investment bank about a purchase
of certain assets
www.accountancyage.com/2226142
17 September 2008
Barclays snaps up Lehmans US arm for £140m
Barclays swoops in for the North American division of the collapsed
investment bank
www.accountancyage.co
m/2226243
17 September 2008
Suitors come calling for Lehmans
PwC says it has received expressions of interest for the solvent parts of
Lehman Brothers UK business
www.accountancyage.com/2226269
17 September 2008
PwC: Lehman staff will be paid
Tony Lomas says 4,500 staff will be paid
www.accountancyage.com/2226295
17 September 2008
Lehman administration: other institutions helping
PwC partner Steven Pearson outlines help administrators are getting from
other bodies
www.accountancyage.com/2226299
18 September 2008
Huge PwC team sifts through the remains of Lehman Brothers
PwC sends in 80 experts in an attempt to unravel collapsed giant Lehman
Brothers' derivatives book
www.accountancyage.com/2226336
18 September 2008
On the Money with Damian Wild
Lehman Brothers not attractive place to launch career
Poor Business Week.
No sooner had the well-regarded US magazine published its third annual Best
Places to Launch a Career survey than the world of US business was turned on its
head
www.accountancyage.com/2226320
19 September 2008
Moulton slams 'absurd' accounting for banks' crisis
Private equity firebrand says 'absurd' accounting rules must be partly to
blame for the current market troubles
www.accountancyage.com//2226478
19 September 2008
Lehmans administrators: Dan Schwarzmann, PwC
PwC partner Dan Schwarzmann is the financial services expert on the Lehmans
administration
www.accountancyage.com/2226494
19 September 2008
Lehmans administrators: Steven Pearson, PwC
Pearson's former administrations include Enron Europe, MG Rover and Atlantic
Telecom
www.accountancyage.com/2226483
19 September 2008
Lehmans administrators: Tony Lomas, PwC
Tony Lomas has already said that Lehmans collapse will be 'larger and more
complex' than Enron or MG Rover - he should know
www.accountancyage.com/2226484
19 September 2008
Lehmans administrators: Mike Jervis, PwC
Enron veteran Mike Jervis has some prior experience of financial services
administrations
www.accountancyage.com/2226485
22 September 2008
Brown pushes for Lehman Europe's £4bn return
We are asking and working with the American government to get that money
back to pay salaries, not of high-flying financiers, but of cleaners and people
who are computer operators who would otherwise be denied their money' - Gordon
Brown
www.accountancyage.com/2226603
22 September 2008
Lehman won't return client assets for 'months'
'The administrators treat the identification and return of client monies and
assets (client assets) of LBIE as a very important and urgent matter' - PwC
www.accountancyage.com/2226610
22 September 2008
PwC pushing for Lehman sell-off
PricewaterhouseCoopers locked in talks with bidders hoping to snap up Lehman
Brothers' European assets
www.accountancyage.com/2226611
22 September 2008
One bidder left for Lehman Brothers, says PwC
Administrators say that there is only one suitor in the frame for Lehman
Brothers' investment banking and private equity businesses
www.accountancyage.com/2226637
23 September 2008
Nomura is Lehmans sole bidder
Barclays drops out of race to secure the parts of Lehman Brothers UK and
Europe which are still solvent
www.accountancyage.com/2226708
24 September 2008
Lehmans administration: to the power four
A tricky task is in store for the four administrators of Lehman
Brothers
www.accountancyage.com/2226867
24 September 2008
Nomura deal saves 2,500 Lehman jobs
Thousands of employees will be kept on by Asia-based investment bank after
it snapped up the European and middle Eastern assets of Lehman Brothers
www.accountancyage.com/2226782
1 October 2008
Lehman sheds 750 jobs as sale fails
Lehman has shed 750 jobs after the sale of its European fixed income and
personal management units fails
www.accountancyage.com/2227226
24 October 2008
Lehmans creditors' meeting set for 14 November
Creditors meeting could see 2,350 people in attendance as the administrators
set out their stall
www.accountancyage.com/2229059
27 October 2008
Lehmans job moving slower than expected
Tony Lomas, the lead administrator says winding down Lehman Brothers
European operations has been held up because of the huge number of trades the
bank was involved in
www.accountancyage.com/2229114
7 November 2008
Lehman employees start $5m class action suit
Lehman employees, led by a computer programmer, have filed a $5m class
action suit against the bank
www.accountancyage.com/2230022
10 November 2008
Pearson defends Lehman trader bonuses
Steven Pearson, one of the four joint administrators of Lehman Bros Europe
justifies the bonus package given to traders for their help in unwinding the
collapsed bank's affairs
www.accountancyage.com/2230132
14 November 2008
E&Y sued over US Lehman audit
E&Y and US Lehman executives sued for misleading investors
www.accountancyage.com/2230536
14 November 2008
Lehman Bros administration costing £4m a week
Lomas, Pearson, and Jervis set out their stall to creditors in the shadow of
the 02 Arena and report the massive costs associated with the
administration
www.accountancyage.com/2230570
Continued on next page
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment
gender equity
Google News first captured this article with:
"You can see read the history of Lehman's from the recruitment of its CFO Erin Callan in 2007 to his resignation in 2008, up to the recent announcement [...]"
Glad to see the gender was corrected.
Posted by: Bro Mus, 16 Sep 2009 | 00:00