On June 30th, 2008, Lehman Brothers' share price fell to $65,438 +09.8 1, a decrease of 1 1%. At this point, the company's share price fell to the lowest point since May 2000. Analysts believe that the market confidence in Lehman Brothers' financial situation has fallen to the bottom, and the rumors of sale caused by the continuous decline in the company's performance are the main reasons for the stock price to hit an eight-year low.
On July 1 1 day, 2008, Lehman Brothers' share price closed at 14.49 USD, plunging 16%, following Bear Stearns' footsteps, because the market rumored that it might be hit hard by the events of Fannie Mae and Freddie Mac.
On July 22nd, 2008, the hottest news on Wall Street was that Goldman Sachs manipulated the share prices of Bear Stearns and Lehman Brothers, which quickly became one of the topics discussed by new york financial circles at the weekend party.
On September 7th, 2008, it was reported that Jeremy isaacs, the head of Lehman Brothers' Europe and Asia business for a long time, would leave his post at the end of this year. In addition, Noite Savaret, chief operating officer of Lehman Brothers in Europe and the Middle East, and andrew morton, head of the fixed income department, will also step down.
On September 10, 2008, the financial report showed that Lehman Brothers lost $3.9 billion in the second quarter of that year, which was the biggest loss in a single quarter since its establishment 158.
Lehman Brothers decided to sell 55% of its asset management department and split up its troubled real estate assets worth $30 billion. In addition, MartinBienenstock, a lawyer representing Royal Bank of Scotland (RBS), said at the court hearing that the bank was asking Lehman Brothers for debts of $654.38+0.5 billion to $654.38+0.8 billion.
On September 6, 2008, US Treasury Secretary Henry Paulson announced that the Federal Reserve would not help Lehman Brothers. As a result, Lehman Brothers' share price fell by 13.5% to close at $3.65, falling to a four-year low of/kloc-0. On September 13, the last straw, Bank of America, which represents the will of the Federal Reserve, rejected Lehman's intention to merge. On September 14, 2008, the International Swaps and Derivatives Association (ISDA) announced that investors were allowed to write off credit derivatives related to Lehman to avoid being involved in the huge whirlpool caused by Lehman's bankruptcy. On the morning of September 15, 2008 1, Lehman Brothers had to announce its application for bankruptcy protection bill 1 1. Lehman surpassed the bankruptcy scale of Drexel Burnham Lambert on 1990, and the largest investment bank bankruptcy in American history was born. It should be pointed out that applying for bankruptcy protection according to 1 1 Act is different from directly applying for bankruptcy. Directly filing for bankruptcy means that the enterprise will soon die completely, and there is no room for manoeuvre, only one way is liquidation; And filing for bankruptcy protection means that the company can reorganize its business in the next few months and try to make profits again as much as possible. Bankrupt companies can still operate as usual, the management of the company continues to be responsible for the daily business of the company, and its stocks and bonds continue to be traded in the market.
Since Lehman filed for bankruptcy protection, Barclays Bank, the third largest bank in the UK, announced on September 17, 2008 that it would invest 175 billion dollars to acquire Lehman Brothers' new york headquarters, two data centers and some trading assets. Nomura Holdings (NMR), Japan's largest securities company, signed two consecutive agreements with Lehman Brothers on September 22nd and 23rd to acquire Lehman's Asia-Pacific business (except South Korea) and businesses in Europe and the Middle East. EDF Trading Ltd9, a subsidiary of EDF, France. French power giant YY) said on September 29th that EDF has agreed to acquire Eagle Energy Partners I, L.P., a subsidiary of Lehman Brothers, to optimize its natural gas supply business. On the same day, private capital operating companies Bain Capital LLC and Herman &; Friedman LLC reached an agreement with Lehman Brothers, which will invest 210.50 billion US dollars to acquire most of Lehman Brothers' investment management businesses, including Neuberger Berman. On June 3rd of the same year 10, Nomura Holdings signed an agreement with Lehman for the third time, agreeing to acquire the Indian back-office business of Lehman Brothers. The once brilliant Lehman Brothers was dismembered beyond recognition in less than three weeks. At this point, Lehman finally completely fell to the bottom and could never see the light of day again.