By Rob Nichols
Five years ago this week, investment bank Lehman Brothers filed for bankruptcy in the midst of a systemic financial tsunami that impacted thousands of financial institutions – big and small –across the country and around the world. In Washington, we’re still having a healthy debate over the source of the 2008 crisis. To some, it was government policy run amok, with mortgage groups Fannie Mae and Freddie Mac fueling an artificial government-backed bubble for more than 25 million shaky mortgages. To others, the blame for the crisis lay with regulations failing to keep pace with financial innovation, particularly in the area of credit derivatives.
While the crisis-era investigations and research continues, the industry has also been working vigorously to rebuild itself and the American economy from the rubble of 2008. As a result, credit – the lifeblood that keeps our economy working – is once again flowing, supporting American businesses and jobs. Large banks approved moreRead More »from Lehman Brothers, Five Years Later