The largest bankruptcy in history was of the US investment bank Lehman Brothers Holdings Inc., which listed $ 639 billion in assets as of its Chapter 11 filing in 2008.

They were used extensively following the collapse of Lehman Brothers in September 2008, when the market for certain types of assets held by hedge funds collapsed, preventing the funds from selling or obtaining a market value for the assets.

In other words, even though low average correlations may appear to make hedge funds attractive this may not work in turbulent period, for example around the collapse of Lehman Brothers in September 2008.

* 2008 – Lehman Brothers files for Chapter 11 bankruptcy, triggering the 2008 financial crisis.

* 2008 – Lehman Brothers files for Chapter 11 bankruptcy, the largest bankruptcy filing in U. S. history.

* 2008 – Following the bankruptcies of Lehman Brothers and Washington Mutual, The Dow Jones Industrial Average falls 777. 68 points, the largest single-day point loss in its history.

* Lehman Brothers is established in Montgomery, Alabama.

* Howard L. Clark, Jr., MBA 1968, Chairman and CEO of Shearson Lehman Brothers

* Peter A. Cohen, MBA 1969, Chairman and CEO of Shearson Lehman Brothers

The seven largest Wall Street firms in the 2000s ( decade ) were Bear Stearns, JPMorgan Chase, Citigroup Incorporated, Goldman Sachs, Morgan Stanley, Merrill Lynch and Lehman Brothers.

The subsequent bankruptcy of WorldCom, which quickly surpassed Enron as the then biggest bankruptcy in history ( the record is now held by Lehman Brothers and Washington Mutual ) led to a domino effect of accounting and like corporate scandals that continue to tarnish American business practices.

On September 15, 2008, a wider financial crisis became evident when Lehman Brothers filed for Chapter 11 bankruptcy along with the economic effect of record high oil prices which reached almost $ 150 per barrel two months earlier.

The New York City headquarters of Barclays ( formerly Lehman Brothers, as shown in the picture ).

Holding such " toxic " assets has led to the demise of several investment banks such as Lehman Brothers and other financial institutions during the subprime mortgage crisis of 2007-09 and led the US Treasury to seek congressional appropriations to buy those assets in September 2008 to prevent a systemic crisis of the banks.

On July 21, 2002, WorldCom filed for Chapter 11 bankruptcy protection in the largest such filing in United States history at the time ( since overtaken by the collapses of both Lehman Brothers and Washington Mutual in a span of eleven days in September 2008 ).

* The Other Guys: Will Ferrel's character says to a SEC employee, " From everything I've heard, you guys are the best at these types of investigations ... Outside of Enron ... and AIG ; and Bernie Madoff ; WorldCom, Bear Stearns, Lehman Brothers ..."

The Valukas Report by bankruptcy court examiner, Anton R. Valukas, issued on 11 March 2010, charged that Lehman Brothers engaged in a practice known as repo 105 and that Ernst & Young, Lehman's auditor, was aware of it.

New York prosecutors, headed by Governor-elect Andrew Cuomo, announced on 21 December 2010 that they have sued the firm for fraud charges related to repo 105 and the collapse of Lehman Brothers.

The firm said that its last audit of Lehman Brothers was for the fiscal year ending 30 November 2007 and that, Lehman ’ s financial statements were fairly presented in accordance with Generally Accepted Accounting Principles ( GAAP ).

In 2010 EY, in a letter to the firm's key clients, defended its audit work for Lehman Brothers.

During 2010, the court examiner's review of the Lehman Brothers bankruptcy also brought these instruments back into focus, as Lehman had used an instrument called " Repo 105 " to allegedly move assets and debt off-balance sheet to make its financial position look more favorable to investors.

It's shown that he has investment filings with Lehman Brothers, Bear Stearns, and Washington Mutual even though they are bankrupt companies, but he then says that they're not really his filings.

The Federal Reserve's approval of their bid to become banks ended the ascendancy of securities firms, 75 years after Congress separated them from deposit-taking lenders, and capped weeks of chaos that sent Lehman Brothers Holdings Inc. into bankruptcy and led to the rushed sale of Merrill Lynch & Co. to Bank of America Corp.

Investment banks Bear Stearns ( founded in 1923 ) and Lehman Brothers ( over 100 years old ) collapsed ; Merrill Lynch was acquired by Bank of America, which remained in trouble, as did Goldman Sachs and Morgan Stanley.

That transaction closed in October 2003 and from that time, until 2008, Neuberger Berman served as the asset management arm of Lehman Brothers ’ Investment Management Division.

" Further, Barclays will not acquire Lehman's Eagle Energy unit, but will have entities known as Lehman Brothers Canada Inc, Lehman Brothers Sudamerica, Lehman Brothers Uruguay and its Private Investment Management business for high net-worth individuals.

Notable alumni includes influential scholars ; members of the U. S. House of Representatives ; Paul O ' Neill, US Secretary of the Treasury and Chairman of the RAND Corporation ; Stephen Cambone, U. S. Under-Secretary of Defense ; Ronald F. Lehman, Director of the U. S. Arms Control and Disarmament Agency and Assistant Secretary of Defense ; Assistant Attorney General ; Foreign Services officials ; political consultants ; business managers ; Philippe Maystadt, former Belgian Minister for Economic Affairs, Minister of Finance, and Deputy Prime Minister as well as current President of European Investment Bank ; and Susan M. Leeson, Associate Justice of Oregon Supreme Court, etc.

Formerly a Partner and Managing Director at Goldman Sachs, Walker was recruited to rival investment bank, Lehman Brothers, to head its Investment Management Division, of which Neuberger was a part.

In May 2006, Walker resigned from Goldman Sachs to become global head of Lehman Brothers ' Investment Management.

Barclays Investment Bank has offices in over 29 countries and since the acquisition of Lehman Brothers ' main U. S. division in September 2008, employs over 20, 000 people, over 7, 000 people work in the IT division.

On February 25, 2012, the International City / County Management Association ( ICMA ) censured University City's City Manager Lehman Walker and barred him from future membership.

On February 7, 2006, Mr. Lehman was honored as one of 23 initial inductees to the newly created International IP Hall of Fame, a project sponsored by the London-based Intellectual Property Asset Management Magazine.

Following some years in executive positions with Shearson Lehman and American Express, he returned to government service as Under Secretary of State for Management under President Clinton.

* DeWayne Lehman, Director of Communications

Allen initially rejected Wolfowitz's appointment but following discussions, instigated by former colleague John Lehman, Allen offered Wolfowitz the position of Director of Policy Planning at the Department of State.

He was the Director of the BMI Lehman Engel Musical Theater Workshop in New York City for two decades beginning in 1982.

CPD provided 33 officials of the Reagan administration, including Director of Central Intelligence William Casey, National Security Advisor Richard V. Allen, United States Ambassador to the United Nations Jeane Kirkpatrick, Secretary of the Navy John Lehman, Secretary of State George Shultz and Assistant Secretary of Defense Richard Perle.

Bruce A. Lehman ( born September 19, 1945 ) served from August 5, 1993 through 1998 as the United States Assistant Secretary of Commerce and Director of the U. S. Patent and Trademark Office.

* Sterling Brinkley, Chairman of EZCORP, former Managing Director at Lehman Brothers

* Arnold L. Lehman 1962, Director of the Brooklyn Museum

When Governor Lehman resigned on December 3, 1942 to accept appointment as Director of Foreign Relief and Rehabilitation Operations for the United States Department of State, Poletti succeeded to the governorship.

He was Senior Managing Director at Lehman Brothers International from 1995 – 1996, and Vice-Chairman from 1996-2003.

After Manny Lehman ( a DJ, then A & M Art Director and one of the executive producers of Female Preacher ) also noticed the powerful voice of a still back-up vocalist, he would offer Delgado a second chance, and commissioned him to produce a track for Peniston herself as a solo artist.

At Lehman Brothers, he served as a Partner and Managing Director.

Since 1985, he has been with Lehman Brothers, where he was a Managing Director in the fixed income department of the Washington, D. C. firm, focusing on public finance.

Newmark was Vice President in the International Division of Shearson Lehman Brothers from 1984-7, a Managing Director of Newmark Brothers Ltd., a corporate finance advisory company from 1988 – 93, and then a Director of Stellican Ltd from 1993-98.