Bankruptcy Filing
Lehman Brothers filed for Chapter 11 bankruptcy protection on September 15, 2008. According to Bloomberg, reports filed with the U.S. Bankruptcy Court, Southern District of New York (Manhattan) on September 16 indicated that JPMorgan Chase & Co. provided Lehman Brothers with a total of $138 billion in "Federal Reserve-backed advances." The cash-advances by JPMorgan Chase were repaid by the Federal Reserve Bank of New York for $87 billion on September 15 and $51 billion on September 16.
Read more about this topic: Bankruptcy Of Lehman Brothers
Famous quotes containing the words bankruptcy and/or filing:
“Disappointment is a sort of bankruptcy—the bankruptcy of a soul that expends too much in hope and expectation.”
—Eric Hoffer (1902–1983)
“Is not the whole world a vast house of assignation of which the filing system has been lost?”
—Quentin Crisp (b. 1908)