Lehman Brothers' 15 September 2008 bankruptcy became a key symbol of the global financial crisis.
Lehman Brothers filed for Chapter 11 protection after failing to find a buyer or secure a government-backed rescue. At the time, it was the largest bankruptcy filing in U.S. history, with hundreds of billions of dollars in assets and extensive links to financial institutions worldwide.
The failure intensified fear in credit markets because banks and investors could no longer easily judge who might be exposed to collapsing mortgage-related securities. Interbank lending tightened, stock markets plunged, and governments responded with emergency guarantees, capital injections, and central-bank lending.
Lehman's collapse did not start the crisis. Earlier problems included the U.S. housing bust, subprime mortgage losses, and the rescue of Bear Stearns. However, the bankruptcy dramatically accelerated the panic and is widely used as a turning point in accounts of 2008.