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15 Sep 2008
Lehman Brothers, which owns an investment bank, a fund management business and a $US30bn (₤15bn) portfolio of real estate assets, has filed for bankruptcy protection after Bank of America and Barclays walked away as possible buyers of the 158-year old Wall Street bank.
Henry Paulson, US Treasury Secretary, and Tim Geithner, president of the New York Federal Reserve Bank, had convened an emergency meeting in New York on Friday evening to try to convince other banks to bail out Lehman, The Times reports.
‘The board of directors ... authorised the filing of the Chapter 11 petition in order to protect its assets and maximise value,’ Lehman said today.
The bank said its customers would be able to continue to use their accounts normally and it will take a series of actions today to enable it to continue managing its operations, including paying staff wages.
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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.
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