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| September 15, 2008: Another major US financial institution files for bankruptcy... |
Lehman Brothers Holdings Inc., the 158-year-old financial services firm, has announced that it intends to file for Chapter 11 bankruptcy after the investment bank's attempts to find a buyer failed.
Since the beginning of 2008, the value of the company's stock has fallen 94%. Shares of the New York-based investment bank plummeted 73% last week, with the most recent drop to $3.59 per share in last Friday's trading.
Lehman is the second major U.S. investment bank to collapse in the past six months. In the past, the company enjoyed excellent 'ratings' from 'rating' agencies.
E.&O.E.
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