Which 2008 event became the symbol of the global financial crisis after Lehman Brothers filed for bankruptcy?

The 2008 event that became a symbol of the global financial crisis after Lehman Brothers filed for bankruptcy was the Lehman Brothers bankruptcy.

Lehman Brothers filed for Chapter 11 bankruptcy protection on 15 September 2008. At the time, it was the largest bankruptcy filing in U.S. history. The investment bank had built substantial exposure to mortgages and mortgage-related securities as the U.S. housing market weakened.

Lehman’s failure intensified panic in credit markets because financial institutions were uncertain about their exposure to one another. Stock markets fell sharply, lending froze, and governments responded with emergency guarantees, rescues, and monetary support.

Lehman was not the only major institution in trouble. Bear Stearns had been rescued earlier in 2008, while American International Group received government assistance shortly after Lehman failed. The bankruptcy therefore marked an escalation within the wider crisis, not its sole cause.