One year on: the media commemorate the fall | FT Alphaville

One year on: the media commemorate the fall

September 15 2009 will mark the one-year anniversary of Lehman Brothers’ momentous collapse.

The mainstream media are churning out retrospectives, interactive features and video specials in commemoration of the event.

Here are FT Alphaville’s selections.


Jim Rogers, Meredith Whitney and Rodgin Cohen on the lessons of Lehman – FT
Three market commentators on the lessons to be learnt from the Lehman affair.

A year after Lehman, Wall Street’s acting like Wall Street again – The Washington Post
How has Wall Street changed since Lehman went broke? What are the lessons? And what does it all mean to those of us who aren’t directly involved?

Lehman’s pain wounded giants – NYT Breaking Views
One aftershock of the collapse of Lehman Brothers was the drastic reshaping of the prime brokerage business. The firm’s failure shook confidence in Morgan Stanley and Goldman Sachs, driving away hedge fund clients. A year later, Deutsche Bank and Credit Suisse have emerged among the winners.

A year out, leadership lessons of the crisis – WSJ
For many executives, the past twelve months have been the annus horribilis. But for those still standing, it could also be seen as annus mirabilis, a year of miracles. They have avoided the black vortex into which Lehman Brothers plunged nearly a year ago today. They have reaffirmed their mission, tightened their operation, toughened their teams.

One year later: Where are the PE arms of failed banks? – peHUB
A “where are they now” update on the fate of the buyout businesses affected by the collapses of Lehman, Merrill Lynch, AIG and, of course, Bear Stearns.

What we’ve learned – NYT Economix blog
Economists and economics professors – including Simon Johnson, Casey B Mulligan and Edward Glaeser – comment on the lessons learnt from the financial crisis.

Once high flyers, Lehman traders grounded at Mizuho – Reuters
When Lehman Brothers collapsed, Japan’s Mizuho Securities elbowed past bigger rival Nomura Holdings to scoop up one of Lehman’s prized assets in Tokyo: its hotshot team of electronic traders. A year later, that team of whiz-kid traders, cloistered from the rest of the trading floor by a wall of glass, has produced scant revenue. Meanwhile, Mizuho’s dream of becoming an Asian equities powerhouse gathers dust, held back by caution and a slow-moving corporate culture.

Sleep-at-night-money lost in Lehman lesson missing $63 billion – Bloomberg
Like ice-nine, the fictitious substance in Kurt Vonnegut Jr.’s 1963 novel “Cat’s Cradle,” a single seed of which could harden all the world’s water, commercial paper was the crystallising force that froze credit markets, choking off the ability of companies and banks to borrow money and pay bills. That a 158-year-old investment bank with $613 billion in liabilities could go belly up made every institution seem vulnerable. Within hours, investors were yanking money out of funds that just the day before seemed impregnable.

Fuld says being “dumped on” for Lehman failure – Reuters
The man vilified for the collapse of Lehman Brothers almost a year ago, a failure that triggered the global economic crisis, seemed burdened but not crushed by the pressure of the upcoming anniversary.


How Lehman collapsed – FT (video)
The FT’s Francesco Guerrera provides the inside story on the fall of a Wall Street power house – and notes Archstone-Smith was the mill around Lehman’s neck. Featuring insight from John Thain, Bob Diamond, Rodgin Cohen, David Nason, Bryan Marsal and Pete Peterson.

Times of crisis – Reuters (interactive timeline)
A special web documentary and interactive timeline to mark the event. Pictures, video, and text all combine – sometimes poignantly – to chart the year of upheaval since the momentous day.

The fall of Lehman Brothers: an unhappy anniversary – The Guardian (interactive timeline)
One year on, a look at how the shockwaves from the Wall Street bank’s collapse spread around the world

When Wall Street nearly collapsed – Fortune (gallery of interviews)
Would panic prevail? That was the question gripping the world in the days surrounding the fall of Lehman Brothers. One year after that terrifying Monday, the people who struggled to cope with the financial crisis share what they were thinking as chaos broke out.

Stiglitz says wrong lessons learned from Lehman episode – Bloomberg (audio)
Nobel Prize-winning economist Joseph Stiglitz, a Columbia University professor, talks with reporters about the collapse of Lehman Brothers Holdings Inc. a year ago and the subsequent financial crisis. Stiglitz, speaking on Sept. 3 in New York, also discusses the outlook for the US economy and the restructuring of the banking industry.

Soros, El-Erian, Meltzer in their own words on the collapse of Lehman – Bloomberg (video)
Billionaire investor George Soros, Mohamed El-Erian, co-chief investment officer at Pimco, and Allan Meltzer, an economist at Carnegie Mellon University, discuss the collapse of Lehman Brothers Holdings Inc. and the subsequent financial crisis a year ago. The report also includes remarks from Joseph Stiglitz, a professor at Columbia University, and former Federal Reserve Governor Laurence Meyer