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'''Lehman Brothers Holdings Inc.''' was one of the financial institutions involved in the U.S. financial crisis and bank bailout. In 2003, it was fined more than $80 million by the SEC as part of an investigation of the major investment firms.
Lehman provided financial services to corporations, governments, institutions, and wealthy individuals worldwide. It was based in New York City with regional headquarters in London and Tokyo. Lehman Brothers Holdings Inc. declared bankruptcy September 15, 2008. The filing marked the largest bankruptcy in U.S. history with $613 billion dollars of debt.<ref>[http://www.marketwatch.com/news/story/story.aspx?guid=%7b2FE5AC05-597A-4E71-A2D5-9B9FCC290520%7d&siteid=rss "Lehman folds with record $613 billion debt"], Marketwatch. 09-15-2005. Retrieved 09-10-2009.</ref> Prior to its collapse, Lehman Brothers was the fourth largest and the oldest of the five major global financial-services firms. Their services included investment banking, equity and fixed-income sales, research and trading, investment management, private equity, and private banking. It was a primary dealer in the U.S. Treasury securities market. Its main subsidiaries included Lehman Brothers Inc., Neuberger Berman Inc., Aurora Loan Services, Inc., SIB Mortgage Corporation, Lehman Brothers Bank, FSB, Eagle Energy Partners, and the Crossroads Group. The firm's worldwide headquarters were in New York City, with regional headquarters in London and Tokyo, as well as offices located throughout the world.
Immediately following the bankruptcy filing, an already distressed financial market began a period of extreme volatility, during which the Dow experienced its largest one day point loss, largest intra-day range (more than 1,000 points) and largest daily point gain.<ref>[http://money.cnn.com/2008/09/29/markets/markets_newyork/index.htm “Approximately $1.2 trillion in market value is gone after the House rejects the $700 billion bank bailout plan.”], CNNMoney.com. 09-29-2008. Retrieved 09-10-2009. </ref> What followed was what many have called the “perfect storm” of economic distress factors and eventually a $700 billion bailout package (Troubled Asset Relief Program) prepared by Henry Paulson, Secretary of the Treasury, and approved by Congress.
