FOREIGN TRADE UNIVERSITY

FACULTY OF BUSINESS ADMINISTRATION

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REPORT CASE 1
LESSONS FROM LEHMAN BROTHERS
GROUP 9

Class : QTRE303(2425-1)GD1.8
Group :9
Instructor : PhD. Nguyen Thi Anh Tho

Hanoi, September 2024

 GROUP MEMBERS

No. Name Student ID

1 Phùng Minh Thư 2312570043
2 Bùi Hương Trà 2312570045
3 Nguyễn Hương Trà 2313250117
4 Hà Thu Trang 2313250121
5 Hoàng Thu Trang 2312250120
6 Nguyễn Hà Trang 2312250119
7 Nguyễn Kiều Trang 2112150171
8 Nguyễn Trần Linh Trang 2312570046
 CONTENTS
INTRODUCTION ............................................................................................................................. 1
CHAPTER I. CASE SUMMARY ..................................................................................................... 2
1.1. Event Overview........................................................................................................................... 2
1.2. Causes of the Collapse ................................................................................................................ 2
a. Corporate Culture: ......................................................................................................................... 2
b. Leadership Failures: ...................................................................................................................... 2
c. Financial Misconduct (Repo 105): .................................................................................................. 2
1.3. Conclusion .................................................................................................................................. 2
CHAPTER II. CASE ANALYSIS ..................................................................................................... 3
2.1. Situation at Lehman Brothers from ethics perspective .............................................................. 3
2.2. Culture at Lehman Brothers and its contribution to Lehman’s downfall .................................. 3
2.3. Role of Lehman’s executive in the company’s collapse .............................................................. 5
2.4. Possible prevention ..................................................................................................................... 5
2.5. Several factors played a role in the persistence of unethical practices ....................................... 6
CHAPTER III. SELF-REFLECTION AND LESSONS ................................................................... 8
3.1. Leadership Accountability .......................................................................................................... 8
3.2. Corporate Culture ...................................................................................................................... 8
3.3. Ethical Considerations regarding Responsibility and Transparency ......................................... 9
3.4. Need for Crisis Contingency Plans ............................................................................................. 9
CONCLUSION................................................................................................................................ 10
REFERENCES................................................................................................................................ 11
 INTRODUCTION

The collapse of Lehman Brothers on September 15, 2008, stands as a watershed moment in
modern financial history. As the largest bankruptcy filing in U.S. history, Lehman's downfall was
a pivotal trigger in the global financial crisis, sending shockwaves throughout the global economy
and precipitating a severe economic downturn. Founded in 1850, Lehman Brothers was a
prestigious investment bank, deeply embedded in financial markets and widely regarded as a
symbol of Wall Street’s power and influence. Yet, its sudden and catastrophic failure exposed
profound vulnerabilities within the global financial system, shaking confidence in the stability of
major financial institutions and leading to widespread panic in markets around the world.

The story of Lehman Brothers is not merely a tale of one institution’s failure but rather a
reflection of broader systemic issues in the financial sector, such as excessive risk-taking,
inadequate regulatory oversight, and the dangerous proliferation of complex financial products
like subprime mortgages and derivatives. In the years leading up to its collapse, Lehman Brothers
aggressively expanded its involvement in the real estate market, amassing a large portfolio of
mortgage-backed securities that ultimately became toxic when the housing bubble burst. The
firm’s inability to recognize and mitigate these growing risks, coupled with a lack of transparency
and regulatory shortcomings, led to its downfall.

This topic has been chosen for analysis because the collapse of Lehman Brothers offers
crucial insights into the dynamics of financial crises, the importance of prudent risk management,
and the consequences of regulatory failures. By examining the internal and external factors that
contributed to Lehman’s failure, this report aims to highlight the lessons learned from the 2008
crisis and explore how the financial industry has since evolved to prevent similar disasters.
Moreover, Lehman Brothers' case serves as a cautionary tale for financial institutions,
policymakers, and investors about the dangers of unbridled financial innovation and market
excesses.

The relevance of this topic extends beyond the historical event itself, as the financial
landscape continues to grapple with the legacies of the 2008 crisis. Current debates on banking
regulation, corporate governance, and risk management practices are deeply influenced by the
lessons drawn from Lehman’s collapse. Understanding the causes and effects of this failure is
critical for anyone seeking to comprehend the complexities of modern financial systems and the
challenges that remain in safeguarding them from future shocks. Therefore, this report will delve
into the intricate details of Lehman Brothers' rise and fall, analyzing the key drivers behind its
collapse and the far-reaching consequences that continue to shape the world of finance today.

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 CHAPTER I. CASE SUMMARY
1.1. Event Overview
On September 15, 2008, Lehman Brothers filed for bankruptcy in the Southern District of
New York. This was the largest Chapter 11 filing in financial history, triggering a global financial
crisis on par with the Great Depression. Lehman’s collapse mirrored other major corporate failures,
such as Enron and WorldCom, underscoring deep systemic issues in financial institutions. vent

1.2. Causes of the Colapse

a. Corporate Culture:
Lehman Brothers had a toxic corporate culture that rewarded excessive risk-taking.
Employees were praised for making high-risk, questionable deals, while those who raised
concerns, like associate general counsel Oliver Budde, were ignored or overruled. Budde had
repeatedly challenged the underreporting of executive compensation and objected to a
questionable tax deal, but his concerns were dismissed, highlighting the absence of accountability
within the firm.
b. Leadership Failures:
Lehman’s leadership, especially CEO Richard Fuld, failed to maintain proper oversight and
repeatedly ignored internal risk limits. Bankruptcy examiner Anton Valukas criticized Fuld and
other executives for their gross negligence and poor decision-making, which deepened the
company’s financial instability. The leadership’s willingness to prioritize short-term gains over
long-term sustainability exacerbated the firm’s financial crisis.
c. Financial Misconduct (Repo 105):
Lehman Brothers used an accounting technique called Repo 105 to temporarily remove $50
billion of toxic assets from its balance sheet at the end of financial quarters, misleading investors
about the company’s financial health. This device allowed Lehman to present a falsely positive
financial position. Despite knowledge of these transactions, neither CEO Richard Fuld nor Ernst
& Young, the firm’s auditor, disclosed this in the company’s reports, compounding the deceit.

1.3. Conclusion
The collapse of Lehman Brothers was a result of its toxic corporate culture, leadership
failures, and financial manipulation. Anton Valukas’ report concluded that Lehman’s leadership
was responsible for both ethical lapses and financial misconduct, which directly led to the firm’s
bankruptcy. While Ernst & Young defended its role by citing external market conditions, the root
cause of Lehman’s collapse was internal mismanagement and reckless behavior.

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 CHAPTER II. CASE ANALYSIS
2.1. Situation at Lehman Brothers from ethics perspective
From an ethics perspective, the situation at Lehman Brothers reveals a disregard for ethical
standards and accountability, especially in leadership and risk management. Lehman's culture
incentivized excessive risk-taking while disregarding moral and financial prudence. The firm
prioritized short-term profits and growth over long-term stability and ethical practices, creating a
toxic environment where questionable deals were celebrated and whistleblowers were silenced.
Four key ethical issues include encouragement of risky behavior, the refusal to dissent,
manipulative accounting practices, and negligence in leadership.
Firstly, the celebration of employees engaging in risky behaviors highlights a significant
ethical failing. For example, within Lehman Brothers, those who took reckless actions were hailed
as heroes, creating a culture that encouraged such behavior. This not only undermined a sense of
responsibility among employees but also diminished the importance of caution and prudence in
decision-making. By rewarding short-term gains without regard for potential long-term
consequences, the firm cultivated an environment where ethical considerations were secondary to
financial success.
Moreover, the culture at Lehman Brothers was characterized by a refusal to entertain
disagreement. Employees like Oliver Budde, who raised legitimate concerns about transparency
in executive compensation and questioned dubious tax practices, found their voices silenced or
ignored. This environment of fear and suppression illustrates a broader issue: the neglect of ethical
warnings and the discouragement of accountability within the organization. When employees are
discouraged from raising concerns, it creates a ground for unethical practices and decision-making.
Another critical ethical issue was manipulative accounting practices, particularly the
controversial "Repo 105" transactions. This accounting maneuver allowed the firm to temporarily
offload billions in undesirable assets from its balance sheet, misleading investors and customers
about the company's true financial health. Such practices are clear violations of ethical and
financial transparency principles. By obscuring the truth, Lehman Brothers not only eroded trust
but also contributed to the systemic risks that ultimately led to its collapse.
Furthermore, the negligence exhibited by top executives, particularly CEO Richard Fuld,
was a failure in leadership. Fuld and his peers failed to act responsibly, neglecting their duty to
ensure transparent reporting and failing to address the accumulation of subprime mortgages that
were a significant factor in the firm’s collapse. Their negligent and ignorant attitudes reflect a
broader ethical failing at the highest levels of the organization. Leaders are tasked with setting the
tone for corporate culture, and the failure of Lehman’s leadership to prioritize ethical practices
created an environment where irresponsible behavior thrived.

2.2. Culture at Lehman Brothers and its contribution to Lehman’s downfall

The collapse of Lehman Brothers in 2008 was not only a financial disaster but also a clear
example of how corporate culture can contribute to the downfall of a company. At the heart of
Lehman’s demise was a toxic culture that promoted excessive risk-taking, rewarded short-term
gains over long-term stability, and suppressed internal dissent. These cultural flaws, combined
with poor leadership and unethical accounting practices, created an environment in which reckless
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behavior flourished, ultimately leading to the firm’s bankruptcy and triggering a global financial
crisis.
One of the most defining features of Lehman Brothers’ culture was its open embrace of risk.
Employees were encouraged to take on high-risk deals, especially in the real estate and subprime
mortgage sectors. Rather than valuing caution or sound decision-making, those who engaged in
these risky activities were celebrated as "conquering heroes." The firm’s reward structure was
geared toward short-term profits, with employees receiving large bonuses for deals that generated
immediate financial gains, regardless of the long-term consequences. This focus on short-term
rewards created an environment where risk was not only tolerated but actively encouraged, leading
to the accumulation of high-risk assets that would later prove catastrophic for the company.
Lehman’s reward system further exacerbated this culture of risk-taking. Employees were
handsomely rewarded for taking big risks that resulted in quick profits, while those who questioned
the long-term sustainability of these decisions were often ignored or sidelined. The company
prioritized immediate gains over the health of the business, creating a cycle in which employees
sought out larger, riskier deals to secure their bonuses. This relentless pursuit of short-term success
meant that risk management and caution were neglected, leaving the firm vulnerable to the
consequences of its reckless behavior.
In addition to promoting excessive risk-taking, Lehman Brothers also suppressed dissent
within the organization. Employees who raised concerns about the firm’s practices were often
ignored or overruled by higher management. A notable example of this is Oliver Budde, an
associate general counsel at Lehman, who spent years challenging the firm’s under-reporting of
executive compensation. Despite his efforts, his concerns were disregarded, and the company
continued to engage in questionable practices. This suppression of dissent extended beyond
compensation issues, with employees discouraged from questioning risky decisions or raising
alarms about unethical practices. By stifling internal criticism, Lehman effectively silenced those
who might have helped prevent its downfall.
Lehman Brothers’ leadership played a key role in shaping and maintaining this toxic culture.
In a report released by bankruptcy court-appointed examiner Anton Valukas, Lehman’s executives
were criticized for making a series of bad decisions that directly contributed to the company’s
collapse. Former CEO Richard Fuld, in particular, was accused of gross negligence in overseeing
the company’s financial reporting. One of the most glaring examples of leadership failure was the
use of Repo 105 transactions—an accounting device that allowed Lehman to temporarily remove
$50 billion of undesirable assets from its balance sheet at the end of the first and second quarters
of 2008, giving the false impression that the company was healthier than it actually was. These
deceptive practices were condoned by leadership and left unchallenged by the firm’s auditor, Ernst
& Young. The failure of Lehman’s leadership to address growing risks and unethical behavior
played a crucial role in the firm’s collapse.
Ultimately, the culture at Lehman Brothers created the conditions for the company’s
downfall. By fostering an environment that rewarded risky behavior, suppressed dissent, and
neglected long-term stability, Lehman became vulnerable to the financial crisis that unfolded in
2008. The leadership’s failure to provide oversight and enforce ethical standards only worsened
the situation, allowing reckless practices to continue unchecked. Lehman Brothers’ collapse serves
as a powerful reminder of how corporate culture can significantly impact a company’s success or

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failure. In this case, the firm’s toxic culture directly contributed to one of the most significant
financial disasters in modern history.

2.3. Role of Lehman’s executive in the company’s collapse

Lehman Brothers' executives played a pivotal role in the company's collapse and the
subsequent financial crisis of 2008. Their actions, driven by a culture of excessive risk-taking and
a disregard for ethical standards, contributed significantly to the company's downfall.
One of the most egregious examples of executive misconduct at Lehman Brothers was the
use of Repo 105. This accounting device allowed the company to artificially inflate its financial
health by removing toxic assets from its balance sheet. This practice was misleading and unethical,
as it painted a false picture of the company's financial stability.
Moreover, Lehman Brothers' culture encouraged employees to take on excessive risks, often
without proper oversight or risk management. Executives were complicit in this culture, rewarding
those who made risky but profitable deals, even if these deals were based on questionable practices.
The executives at Lehman Brothers also exhibited a disregard for ethical standards. They
were willing to engage in practices that were harmful to the company and its investors, as long as
they could benefit personally. This lack of responsibility and ethics ultimately led to the company's
collapse.
In conclusion, Lehman Brothers' executives were not only responsible for the company's
downfall but also for the broader financial crisis that followed. Their actions were a clear violation
of ethical standards and contributed to a culture of greed and recklessness that ultimately led to the
downfall of one of the most prestigious financial institutions in the world.

2.4. Possible prevention

The Lehman Brothers’ downfall was driven by a combination of excessive risk-taking, poor
leadership, and a culture that prioritized short-term gains over long-term stability. Many have since
questioned whether anything could have been done differently to prevent this disaster. By
examining Lehman Brothers' decision-making, leadership, and risk management practices, it
becomes clear that several preventive measures could have mitigated the firm's collapse.
One of the primary contributors to Lehman Brothers' collapse was its culture of incentivizing
risky behavior, which encouraged employees to focus on short-term gains at the expense of the
firm's long-term health. To prevent this kind of reckless behavior, Lehman Brothers could have
restructured its reward system to prioritize ethical behavior and sustainable performance. For
example, instead of rewarding individuals solely for generating profits, Lehman could have
introduced an "Ethical Decision Award" to recognize employees who challenge questionable deals
and advocate for transparency. Such an award would have encouraged a culture where integrity
and accountability were valued alongside financial success, reducing the prevalence of high-risk,
unethical practices.
Lehman Brothers also failed to take action when employees raised ethical concerns. Had
Lehman encouraged a culture where ethical concerns were heard and acted upon, they might have
identified and addressed ethical and financial red flags much earlier and avoided some of the

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unethical practices that led to their downfall. In particular, Budde’s concerns about executive
compensation and the unethical tax-related deal were ignored by Lehman’s leadership. If Lehman
had taken his objections seriously and investigated the transparency issues, it could have addressed
governance and ethical weaknesses before they spiraled into larger problems.
Moreover, Lehman Brothers' collapse was largely due to its excessive risk-taking.
Implementing stricter internal risk limits, regulatory compliance and ensuring they were adhered
to would have been essential. Moreover, transparency about the firm’s risk exposure, especially
related to subprime mortgages, could have allowed for timely interventions and corrective
measures. In practice, Lehman used Repo 105 transactions to temporarily move $50 billion in risky
assets off its balance sheet, hiding the true extent of its financial vulnerability from regulators and
stakeholders. Had Lehman been transparent about its true financial position, external parties might
have been able to intervene and help manage the risk before it reached catastrophic levels.
Furthermore, Leadership at Lehman Brothers should have emphasized long-term stability
over short-term gains. A shift in focus toward responsible growth and transparency, rather than
incentivizing high-risk behavior, could have mitigated reckless decision-making. Leaders should
have been more active in promoting ethical decision-making and reinforcing a culture of
accountability across the organization. Particularly, Richard Fuld, Lehman’s CEO, was aware of
the firm’s use of "Repo 105" to hide $50 billion of bad assets from the balance sheet, but took no
action to stop it. If Fuld and other senior leaders had promoted a culture of honesty and long-term
responsibility, they could have implemented more conservative strategies, such as divesting from
high-risk assets like subprime mortgages.

2.5. Several factors played a role in the persistence of unethical practices

The collapse of Enron in 2001 sent shockwaves through the corporate world and led to the
passage of the Sarbanes-Oxley Act (SOX) to bolster corporate governance and financial
reporting. Yet, despite these significant developments, ethical lapses and corporate misconduct
continue to plague the business landscape. The case of Lehman Brothers, which imploded during
the 2008 financial crisis, offers a stark reminder of the enduring challenges faced by
organizations in maintaining ethical standards.

One key factor contributing to the continued occurrence of unethical practices is the
complex interplay of economic incentives and human behavior. The pursuit of profit
maximization, often driven by market pressures and shareholder expectations, can create a
climate where ethical considerations take a backseat. In the case of Lehman Brothers, the firm's
culture of aggressive risk-taking and short-term focus on financial performance contributed to a
series of unethical decisions, including the use of off-balance sheet entities to mask the extent of
its debt. The pressure to meet analysts' expectations can distort priorities, leading to deceptive
practices.

Corporate structure and governance also play a role. The separation of ownership and
control can create a principal-agent problem where managers may prioritize personal gain over
shareholder interests. The complexity of modern corporations, with their intricate web of
subsidiaries, joint ventures, and financial instruments, can make it difficult to monitor and
control employee actions, creating opportunities for unethical behavior.

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 The culture of a corporation also plays a critical role in shaping ethical behavior. A toxic
work environment characterized by fear, intimidation, and a lack of transparency can discourage
employees from raising concerns about unethical practices. When individuals feel that they are
unable to speak out without fear of retaliation, unethical behavior may become more prevalent.

While regulatory reforms like SOX have undoubtedly made a positive impact on corporate
governance and financial reporting, they are not a panacea for ethical problems. These reforms
can be circumvented through creative accounting practices or by shifting unethical behavior to
areas outside the scope of regulation. Moreover, the effectiveness of regulatory enforcement can
vary depending on the resources and priorities of regulatory agencies.

To address this problem, a multifaceted approach is needed that includes strengthening

corporate governance, promoting ethical leadership, fostering a culture of integrity, and
enhancing regulatory oversight. By addressing these underlying factors, we can work towards
creating a more ethical and sustainable business environment. While it may be challenging to
ensure ethical behavior at all levels of an organization, it is not unreasonable to expect businesses
to act ethically. Ethical conduct is essential for building trust with stakeholders, fostering a
positive corporate reputation, and contributing to a sustainable business environment. Companies
that prioritize ethical practices are more likely to attract and retain talented employees, build
strong relationships with customers, and avoid costly legal and reputational damage.

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 CHAPTER III. SELF-REFLECTION AND LESSONS
Reflecting on the Lehman Brothers collapse provides important insights, particularly in the
areas of leadership, corporate culture, and decision-making processes within financial institutions.
The following are key self-reflections that both Lehman and the everyday managers and students
can learn from the firm's downfall.

3.1. Leadership Accountability

Lehman's leadership demonstrated overconfidence in the firm’s strategies, even as warning
signs of the impending crisis became evident. They failed to recognize how this overconfidence
blinded them to the risks, ignoring critical warnings that could have prevented disaster. Leaders
must reflect on how acknowledging and acting on such warnings early can mitigate potential
crises.
Furthermore, Lehman’s leadership focused heavily on short-term profits and market share
at the expense of long-term sustainability. This short-term thinking led to risky decisions and an
inability to recognize the systemic risks they were assuming. A key reflection point for leaders is
the importance of balancing immediate success with long-term stability.
For students and managers, this highlights the need for humility and critical thinking in
leadership roles. Leaders should be cautious of overestimating their capabilities or ignoring
feedback, especially when facing uncertain situations. Seeking diverse viewpoints and challenging
assumptions can help prevent blind spots and encourage more informed, balanced decision-
making. Another important lesson is the risk of short-term thinking. Managers and students can
learn that prioritizing short-term success without regard for long-term stability can backfire,
leading to larger systemic problems. In business and leadership, it’s crucial to maintain a balance
between achieving short-term objectives and safeguarding long-term goals.

3.2. Corporate Culture

Lehman had a corporate culture that heavily rewarded aggressive risk-taking, especially in
areas like subprime mortgages and complex financial products. This created an environment where
employees were incentivized to take increasingly large risks without adequately considering the
downside. The reflection here is the importance of fostering a culture where risk is managed, not
just rewarded, and where long-term thinking is valued.
Critical thinking is essential for leadership and organizational success, as it enables leaders
to recognize risks and make informed decisions. Despite numerous internal and external warnings
about the firm’s exposure to risk, these concerns were often dismissed or ignored. Leaders must
ensure that their corporate culture encourages open dialogue, critical thinking, and the valuing of
dissenting opinions.
For students and managers, this underscores the necessity of fostering a healthy corporate
culture. Lehman’s culture discouraged dissent and critical thinking, which contributed to its
leadership's overconfidence. Students and managers should recognize the value of promoting an
open environment where employees feel safe to voice concerns, share diverse perspectives, and
challenge the status quo. Encouraging constructive debate and valuing dissent can lead to better
decision-making and prevent the groupthink that often accompanies aggressive risk-taking.

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3.3. Ethical Considerations regarding Responsibility and Transparency
Lehman Brothers’ collapse exemplifies the ongoing tension between moral responsibility
and the relentless pursuit of profit in the financial industry. By heavily investing in subprime
mortgages and offloading risk onto unsuspecting parties, the firm prioritized short-term gains over
the long-term stability of both the institution and the financial system as a whole. Leaders in the
financial sector must reflect on the moral of their actions, understanding that the pursuit of profit
without regard for broader consequences can lead to systemic instability and far-reaching harm.
In addition to ethical considerations, Lehman Brothers’ collapse underscores the importance
of transparency and honesty in maintaining trust with stakeholders. Throughout its final years,
Lehman was not fully transparent about the extent of its financial health or the risks it was taking
on. This lack of openness eroded trust among investors, clients, and regulators, further accelerating
the firm’s decline. Self-reflection would reveal that cultivating trust through honest
communication with stakeholders is essential to maintaining stability, particularly during periods
of market volatility. Lehman’s failure to do so offers a valuable lesson in the vital role transparency
plays in preventing financial catastrophe.

3.4. Need for Crisis Contingency Plans

Lehman Brothers' collapse underscored the critical need for robust contingency and
resolution plans. The firm's sudden and chaotic downfall sent shockwaves through global markets,
revealing the significant dangers of allowing a major financial institution to fail without a clear
strategy for managing its collapse. The absence of a comprehensive plan to wind down Lehman in
an orderly manner exacerbated the financial crisis, leading to widespread market instability, a
breakdown in trust, and a cascading effect on other institutions and economies around the world.
This failure demonstrated that even seemingly invincible institutions are vulnerable and that their
collapse can have devastating consequences for the broader financial system if proper safeguards
are not in place.
Therefore, Lehman Brothers' failure offers important lessons for everyday managers and
students, particularly about the value of preparation, risk management, and ethical decision-
making in leadership. Just as large financial institutions need strategies to ensure they can be
unwound in an orderly way, managers should prepare for unexpected challenges, whether it’s a
sudden loss of key staff, a market downturn, or other operational risks. Being proactive and having
plans ready can help mitigate damage and prevent crises from spiraling out of control.

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 CONCLUSION

The collapse of Lehman Brothers is considered a defining moment in the Great Financial
Crisis of 2008. Despite its status as a major investment bank, the firm's downfall was precipitated
by a number of internal issues, including a high-risk culture, involvement in subprime mortgages,
ignoring staff feedback and the use of Repo 105.
Executives played a crucial role in this downfall, by allowing these problems to persist and
ultimately leading to the firm's bankruptcy. Modern managers can learn valuable lessons from this
case, including the importance of avoiding overconfidence, negative corporate cultures, unethical
decisions, dishonesty to stakeholders, and unpreparation.
As not all executives can manage their egos and drive for profit, similar situations may
arise in the future. Nevertheless, as long as most leaders remain dedicated to strengthening and
sustaining their companies, the overall business environment will steadily improve.

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 REFERENCES

Kenton, W., 2024. What Was the Subprime Meltdown? Explanation and Fallout [online].
Investopedia. Available at: [Link]
(Accessed: 19 September 2024).
Lioudis, N. (2024). The Collapse of Lehman brothers: a Case Study. [online] Investopedia.
Available at: [Link]
(Accessed: 19 September 2024).
Financial Crisis Inquiry Commission (2011) The Financial Crisis Inquiry Report: Final Report of
the National Commission on the Causes of the Financial and Economic Crisis in the United
States. Washington, DC: U.S. Government Publishing Office. Available at:
[Link] (Accessed: 19 September
2024).
Valukas, A., 2011. Lehman Brothers Holdings Inc. Chapter 11 Proceedings Examiner’s Report
[online]. Jenner & Block LLP | Law Firm - Lehman Brothers Holdings Inc. Chapter 11
Proceedings Examiner’s Report. Available at: [Link]
insights/news/lehman-brothers-holdings-inc-chapter-11-proceedings-examiner-s-report
(Accessed: 19 September 2024).

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